Toyota is biggest winner in cash-for-clunkers sales
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