Toyota tops 'clunkers' sales, GM down

Toyota tops 'clunkers' sales, GM down http://preview.tinyurl.com/ljl3nc
Washington -- Detroit's Three automakers lost ground to foreign rivals in the latest tally of "cash for clunkers" sales, as Toyota Motor Corp.
dethroned General Motors Co. as the top seller.
Toyota has sold 18.9 percent of vehicles purchased through the clunkers program, surpassing GM, which has sold 17.6 percent. As of Friday morning, dealers had submitted voucher requests for just over $1.5 billion, representing 358,851 vehicle purchases.
Detroit's three automakers sold 42.1 percent of all clunker replacements, which is down from an initial 47 percent of sales -- and slightly below the automakers' 44 percent U.S. market share.
Ford Motor Co. is in third place with a 15.4 percent market share; Honda Motor Co. is in fourth with 12.9 percent. Chrysler Group LLC's share fell to 9.1 percent, down from 10.6 percent on Aug. 5.
Foreign automakers now dominate the top 10 list of vehicles sold through the program, with just two Ford vehicles on the list: the Ford Focus FWD in third and the Ford Escape FWD in seventh.
Both the Chevrolet Cobalt and Dodge Caliber fell off the top 10 list. GM spokesman Greg Martin said the program has been "a big sales driver for us" and said he thought the sales rankings would change.
"The sales will be a lot like the weather in Michigan in the springtime: It will change at any given time," Martin said.
GM had sold 18.7 percent of vehicles after the first two weeks of the program -- ahead of Toyota, which had 17.9 percent as of Aug. 5.
Toyota spokesman Mike Michels said the company's inventory of fuel-efficient vehicles had sharply fallen as well. "The jury is still out" on what company finishes first in sales, Michels said. "There are a lot of variables at work, not the least of which is product availability, which is affecting everybody."
Chrysler said it had a low inventory of eligible vehicles at the end of July and was moving to boost production . "The company's plants are running at full production and we are building vehicles for customer and dealer orders," Chrysler said in a statement.
Owners can get up to $4,500 government vouchers for trading in vehicles that have a combined fuel economy of 18 mpg or less and are no more than 35 years old. To get the full $4,500 voucher, a new car must be at least 10 mpg more fuel efficient than the old car. Slightly different rules apply to light trucks, depending on the size.
Several automakers, including GM, Ford and Toyota, have boosted production of fuel-efficient models as a result of the sales sparked by the program.
The Toyota Corolla retained the top spot overall, followed by the Honda Civic. The Toyota Camry is in fourth, followed by the Toyota Prius. Rounding out the top 10 are the Hyundai Elantra, the Honda Fit in eighth, the Nissan Versa in ninth and the Honda CR-V FWD in 10th.
About halfway through the $3 billion program, 83 percent of trade-ins are trucks and 59 percent of new vehicle purchases are cars.
The average fuel economy of the new vehicles is 25 miles per gallon, while the trade-in mileage is 15.8 mpg -- for an overall increase of 9.2 miles per gallon, or a 58 percent improvement
Cars purchased under the program are, on average, 19 percent above the average fuel economy of all new cars currently available. Hybrids account for 4.5 percent of the vehicles purchased, compared to 3 percent of all U.S vehicle sales in June.
According to Transportation Department data, over half of the top 10 new vehicles by volume purchased under the program were manufactured in the United States: the Toyota Corolla, the Ford Focus FWD, the Toyota Camry, the Ford Escape FWD, and the Honda CR-V 4WD are all manufactured in the U.S.
In total, 208,378 passenger cars have been purchased under the program, compared to about 150,000 light trucks.
All top 10 traded-in clunkers are U.S. pickup trucks, SUVs and vans.
The program continues to be wildly popular in Michigan.
In the state, Michigan dealers have sought $80.6 million in vehicle vouchers -- third overall behind California ($152 million) and Texas ($91 million).
On Thursday, the Transportation Department approved plans to allow customers to order vehicles from automakers -- a move that should benefit domestic automakers. Many dealers have reported shortages of fuel efficient U.S. vehicles, in part because GM and Chrysler sharply reduced production during their stays in bankruptcy.
At the rate of spending, the clunkers program could be out of money by month's end. Last Friday, President Barack Obama signed a law adding $2 billion to the program, which was in danger of running out of money.
Also Friday, some dealers continued to complain that they haven't been paid for hundreds of thousands of dollars in voucher requests. The Transportation Department said it was working quickly to process voucher claims.
A government contractor is adding additional temporary workers to speed payment of vouchers.
--
Civis Romanus Sum

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I guess Mike is eating crow tonight.
Toyota is moving into #1 spot in the US, GM might as well forget being number one, and think about if Ford will surpass them next.

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Toyota will need to get past Ford if it wants to get to GM. LOL

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Isn't I nice to see so many of YOUR tax dollars going off shore, particularly to the Japanese Corporations that do not pay US federal Corporate income taxes?
At least the Koreans and European corporations will pay US federal Corporate income taxes on the profits earned in the US.
The problems for the domestics was they did not have nearly enough of the 2009 cars left in inventory.
The imports on the other hand had hundreds of thousands of unsold 2009 sitting at their points of entry on both costs.
When you build cars off shore, are over half of the import models, they do not come to market in the four to six weeks like domestics manufacturers, they arrive months after they are built. While the market was dropping by 4,000,000 vehicles, most of the imports were still being loaded on ships.

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Mike, this is not true and you know it, so quit spouting this BS.
Ed
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If that is what you choose to believe, I suggest you do a search and find out for yourself.
European and Korean corporations pay US Corporate Federal income taxes on profits earned in the US but Japanese corporations do not. All corporations, domestic and foreign pay state and local taxes, however, on profits earned in the US. LOL

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You could not have found any source where Toyota pays a penny in US federal corporate income taxes, because the fact is, it does not.
The key of course is "WHOLLY" owned, THAT is why they do not pay US federal Corporate income taxes!
The Japanese holding corporation gets credit for the higher taxes paid in Japan. The Japanese Government then returns that money to the Japanese corporations via its capital reinvestment tax for R & D and new equipment.
Japan has been doing that ever since WWII. First as the "Export" tax credit because the Japanese produced far more than it could consume, then as the capital reinvestment credit on profits earned on products made outside of Japan and brought back to the county to be used as capital.
That applies to ALL Japanese corporations. That is why Japan is refer to as "Japan Incorporated."
Why do you think it is the Japanese manufactures is the US generally buy the majority of the materials and parts from other Japanese corporations, even when it may cost more to do so?

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Mike.
The truth is, Japanese companies operating in the US do pay corporate income taxes. The fact that the Japanese government gives them a credit for this against their Japanese taxes does not alter this fact. The US Government derives tax revenue from Toyota. What happen back in Japan does not alter this.
It is easy enough to find this information. I don't have time to look stuff up for you any more.
Ed

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You are correct Japanese companies operating in the US do pay corporate income taxes! I never said they do not! However the corporate income taxes they pay are State corporate income taxes. What I have been saying is the do not pay US FEDERAL corporate income taxes because of the higher tax credit they get for taking the profits back to Japan.

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You are free to believe whatever you choose, but when the new GM and Chrysler begin to earn a profit in the US they will once again pay millions in US federal corporate income taxes.
However when Toyota begins to earn a profit they will still not pay US federal corporate income taxes on the profits it earns in the US, because of taxes paid in Japan.
Prove it yourself. Do a search of the US Treasure site on corporate incomes taxes paid back when GM. Ford, Chrysler and Toyota were all earning a profit, you will discover GM. Ford, Chrysler paid millions of dollars in US taxes on their profit and Toyota did not pay a penny.

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LIAR. There is no US Treasury site that lists corporate income taxes. You tried to pull this crap before. This is typical of your BS. You refer to non-existent sources of information and when asked to cite a refence you can't provide one and then deflect the request. I spent a lot of time looking for this non-existent web site when you first made this claim. I couldn't find it. I finally sent an information request to my US Represenative and got back a note informing me that the IRS was not allowed to post this information since it was protected by privacy laws. Others do create lists of corporate income taxes by examinging corporate filings with the SEC and annual reports. Toyota's annual report doesn't have a seperate line item for US corporate income taxes, but they do list foreign income taxes on a separate line from domestic income taxes. Toyota Motor Corp (Japan) pays both foreign and domestic income taxes (see http://finance.aol.com/financials/toyota-motor-corporation/tm/nys/income-statement ) .
Ed
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You mean you spent a lot of time looking for this web but YOU can not find it. That does not mean it is not available, it simply means YOU can not find it on the site.
Tax information from "Publicly Held Corporations" IS available IF one knows how to look for it, they are Publicly Held. But you are correct you can not SEE their 1040
You said yourself you found information on Toyota returns. The reason you can not find the amount Toyotas FEDERAL CORPORATE income taxes paid in the US is they do not pay any FEDERAL CORPORATE income taxes to the US Treasury

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Interesting article to support your inventory idea:
http://www.japantoday.com/category/business/view/japanese-automakers-object-to-us-cash-for-clunkers-program
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