Japanese Automakers Dominate "Cash for Clunkers" Program

Strategic Insights -

The US government's "cash for clunkers" program has seen a surge in sales of new cars, with four of the top five selling new cars being made by Japanese automakers. The program, which offers a rebate of up to $4,500 for trading in an old car for a new one with higher fuel economy, has boosted sales of eco-friendly cars made by Japanese automakers such as Toyota and Honda. The data released by the transportation department shows that Japanese automakers account for half of the top-10 models sold under the program, with the Ford Focus being the top-selling new car. Senate Majority Leader Harry Reid has announced plans to introduce a $2 billion bill to reinforce the program's existing $1 billion in funds, citing concerns that the funds may be depleted within a week.

Key Takeaways:

  • Four of the top five selling new cars under the "cash for clunkers" program were made by Japanese automakers, with Toyota and Honda being the top performers.
  • The top-selling new cars under the program were the Ford Focus, Toyota Corolla, Honda Civic, and Toyota Prius.
  • Japanese automakers account for half of the top-10 models sold under the program.
  • The program has seen a surge in sales of eco-friendly cars, with Toyota's Prius being a top seller.
  • Senate Majority Leader Harry Reid has announced plans to introduce a $2 billion bill to reinforce the program's existing $1 billion in funds.
  • The funds for the program are expected to be depleted within a week, sparking concerns about the program's sustainability.

Statistics:

  • Four Japanese automakers account for half of the top-10 models sold under the "cash for clunkers" program.
  • The Ford Focus was the top-selling new car under the program, with over [insert data on sales].
  • Toyota makes up two of the top five selling new cars, with the Corolla and Prius being top sellers.
  • Honda's Civic and Fit compact car ranked third and ninth respectively among the top 10 cars purchased under the program.
  • The program offers a rebate of up to $4,500 for trading in an old car for a new one with higher fuel economy.
  • The transportation department has released data showing a surge in sales of new cars under the program.

Sources:

  • "Four of top-selling US clunker trade-in cars made by Japan autos", Kyodo News International, August 5, 2009.
  • CNN, other US media organizations.