(Adds results from Toyota and Honda, updates stock quotes.)
The auto industry temporarily awoke from its slumber last month
thanks to the U.S. government's "Cash for Clunkers" program, led by
a 17% sales jump at Ford Motor Co. (F) and higher sales from Japan
auto makers Toyota Motor Corp. (TM) and Honda Motor Co. (HMC).
Sales were jolted in the U.S. and foreign markets from
government incentive programs promoting fuel-efficient cars, but a
number of auto makers, including General Motors Co., Chrysler Group
LLC and Nissan Motor Co. (NSANY) still reported lower sales.
The two largest Japanese auto makers - Toyota and Honda -
reported single-digit increases as the clunkers program helped
boost market share for some foreign auto companies. The Toyota
Corolla, Honda Civic and Toyota Camry were the three most popular
vehicles purchased under the program.
Toyota said Tuesday its vehicles accounted for 19% of sales
within the program, saying "Cash for Clunkers" provided "tangible
benefits" to the industry, as well as state and local
economies.
Ford's gain was also helped by its trucks posting the first
year-over-year sales increase in nearly three years. Meanwhile,
Chrysler's 15% decline was in part due to a lack of inventory -
most of the company's plants sat idle for almost three months as
the auto maker dealt with its bankruptcy process.
"Cash for Clunkers," ended late last month, weeks earlier than
expected, amid higher-than-expected consumer interest. The program,
launched in late July, proved to be one of the fastest-acting
stimulus programs to come out of Washington since the recession
began, but higher sales in July and August are expected to be
followed by weak demand in September.
Ford's light-vehicle sales were 181,826. There were 26 selling
days in August, one less than last year. Retail sales climbed 21%
and Ford has gained retail market in 10 of the last 11 months.
Despite a 13% rise in truck sales - the first since October 2006 -
sport-utility vehicles continued to suffer with a 34% drop. Car
sales jumped 25%.
GM reported 245,550 units sold, down 20%, as truck sales
continued to slump, dropping 31%. Car sales declined 4.6%.
"We're very pleased with the sales performance in our Western
region, where sales were up more than 41% compared with July," said
Mark LaNeve, vice president of U.S. sales. He noted customers were
responding to a pilot program it launched last month with online
auction site eBay Inc. (EBAY). That effort will be extended through
September.
For Toyota, sales were up 6.4%, to 225,088, topping Ford's total
for a second straight month after three months of falling behind
its U.S. competitor. Total passenger car sales were up 20%, while
light-truck sales dropped 15%.
Honda posted a 9.9% jump, to 161,439 - the company's second-best
month in the U.S. - as car sales grew 23% but truck sales dropped
9.3%. Nissan reported sales dropped 2.9% to 105,312, far better
than projections, as car sales jumped 38% and truck sales slumped
48%.
Chrysler sales dropped 15% to 93,222 but rose 5% from July
despite rapidly shrinking inventories.
And Hyundai Motor Co.'s (005380.SE) August sales surged 47% to
60,467 units, marking an all-time monthly sales record and the
eighth-straight month of year-over-year retail increases. The
company said its Alabama facility returned to a five-day work week
and that inventories were being replenished.
Ford's shares were down 5.1%, to $7.21 in recent trading, amid a
broad market decline, which was led by a drop in financials.
American depositary shares for Toyota were down 0.8%, to $84.49,
while Honda dropped 0.5%, to $31.19, and Nissan fell 9 cents, to
$13.86.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com