Washington: Toyota Motor Corp., the world's biggest automaker, got the largest boost from the US government's cash-for-clunkers vehicle trade-in programme, topping the list of new auto sales.
Toyota accounted for 19 per cent of the almost 700,000 sales under the rebate programme, according to the US Transportation Department. Rebate applications valued at $2.88 billion (Dh10.56 billion) were submitted by the August 24 deadline.
The initiative helped restore demand for the slumping auto industry, prompting General Motors Co., Ford Motor Co. and Chrysler Group LLC to boost production plans. Toyota, which is predicting a second consecutive year of losses, may be able to revise earnings outlooks based on the sales gain.
"Toyota hasn't included the impact from incentive programmes in its forecasts," said Yoshihiro Okumura, who helps oversee the equivalent of $365 million at Chiba-gin Asset Management Co. "It will probably lift their results this year."
Toyota has forecast a net loss of 450 billion yen ($4.8 billion) in the year ending March 2010, compared with an earlier forecast of 550 billion yen, the Toyota City, Japan-based carmaker said August 4. The automaker expects its North American vehicle sales to drop 16 per cent to 1.86 million vehicles this fiscal year from last year