R i g h t a r d i a: US Automakers rake in the sales

Tuesday, August 4, 2009

US Automakers rake in the sales

CHICAGO, Aug. 3 (Xinhua) -- The three major U.S. automakers accounted for 47 percent of the first 80,000 "Cash for Clunkers" sales, the U.S. government said Monday.

Through Saturday afternoon, the National Highway Traffic Safety Administration has processed 80,500 transactions, according to White House spokesman Robert Gibbs.

He said buyers should be able to take advantage of the program until Friday, but he warned it would likely have to shut down before next weekend if the Senate does not agree to add 2 billion U.S dollars to the original 1 billion-dollar program.

The U.S. House approved last week the 2 billion-dollar increase of the "Cash for Clunkers" program. The Senate is expected to vote Wednesday or Thursday.

Transportation Secretary Ray LaHood told reporters that the program has been a "lifeline to the economy."

General Motors Co., Ford Motor Co. and Chrysler Group LLC sales account for 47 percent in the program, which is above their overall share in the auto market of about 45 percent of the three Detroit companies.

The Ford Focus is the top-selling vehicle in the program. Four of the top 10-selling vehicles are manufactured by Detroit's Big Three.

Gibbs said the program has been a "big benefit to domestic automakers and the 2 billion-dollar should allow the program to continue through September.

Thus far, 83 percent of trade-ins under the program are trucks, and 60 percent of new vehicle purchases are cars.

Recently, the U.S. Government passed legislation providing vouchers valued from 3,500 dollar to 4,500 dollars when you trade-in a vehicle and purchase a new one.