City of Industry, CA - Auto Manufacturers industry news provided by Financial News USA. WASHINGTON (AP) -- The Senate reached a deal on saving the dwindling "cash for clunkers" program late Wednesday, agreeing to vote on a plan that would add $2 billion to the popular rebate program and give car shoppers until Labor Day to trade in their gas-guzzlers for a new ride.
Following lengthy negotiations, Senate Majority Leader Harry Reid said Democrats and Republicans had agreed to vote on the plan Thursday, along with a series of potential changes to the bill, which was passed by the House last week. Reid has said Democrats have enough votes to approve the measure and reject any changes that would cause an interruption in the rebates of up to $4,500.
Late Wednesday, it was not clear that any of the proposed amendments stood a chance of passing. Some of them included placing an income limit on those benefiting from the vouchers and requiring the government to sell off its stakes in General Motors Co. and Chrysler Group LLC.
TRAVERSE CITY, Mich. -- In an effort to revitalize Toyota Motor Corp., President and Chief Executive Akio Toyoda is looking to tap vehicles rarely associated with the world's largest auto maker -- sports cars. Mr. Toyoda announced Wednesday that Toyota plans to build a "fun-to-drive," affordable sports car to be launched within the next few years. The company also confirmed it is bringing the Lexus LF-A, a high-end sports car, to the U.S. market.
DETROIT (AP) -- None of the six most-popular midsize sedans earned a top rating in bumper safety in the latest crash tests performed by the Insurance Institute for Highway Safety.
The Mazda 6 was the only car to receive an "acceptable" rating -- one rating below "good," the top rating -- based on the average cost to repair front, rear and corner bumpers following a 6 mph crash.
A 6 mph crash can simulate a common parking accident, such as backing into another vehicle. IIHS rates vehicles on a four-notch scale ranging from "good" to "poor."
The average cost for bumper repairs on the Mazda 6 is $871, according to IIHS. That's an improvement from the 2007 model which received a "marginal" rating. Mazda improved its bumpers by making them wider, taller and higher off the ground, IIHS said.
Ratings for the Honda Accord and Hyundai Sonata improved one notch to "marginal" from "poor," with the average cost of repairs coming in at $1,133 and $1,265, respectively.
source: financialnewsusa
