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Toyota sales far exceed rivals' Toyota sales far exceed rivals'
(5 days later)
Japanese car firm Toyota has seen its vehicle sales soar in September, compared to a year earlier, in sharp contrast to those of its US rivals.Japanese car firm Toyota has seen its vehicle sales soar in September, compared to a year earlier, in sharp contrast to those of its US rivals.
The car firm saw year-on-year sales rise 20%, helped by sales of passenger cars, while Japanese firm Mitsubishi, rose a less dramatic 9.2%. The car firm saw year-on-year sales rise 20%, helped by sales of passenger cars, while Japanese firm Mitsubishi, saw sales rise a less dramatic 9.2%.
Meanwhile iconic US firm General Motors saw sales fall by 3%, but Ford managed to see a 4.7% increase.Meanwhile iconic US firm General Motors saw sales fall by 3%, but Ford managed to see a 4.7% increase.
Customers are increasingly opting for smaller, more fuel-efficient vehicles.Customers are increasingly opting for smaller, more fuel-efficient vehicles.
Sports Utility Vehicles (SUV) and trucks - traditionally major businesses for US car firms - have lost their appeal in recent months with rising oil prices.Sports Utility Vehicles (SUV) and trucks - traditionally major businesses for US car firms - have lost their appeal in recent months with rising oil prices.
This trend was confirmed by Ford's results, which saw car sales rise by 26.2% for the period - while sales of its trucks declined by 5.5%.This trend was confirmed by Ford's results, which saw car sales rise by 26.2% for the period - while sales of its trucks declined by 5.5%.
Ford's latest figures are a positive development relative to last year - but September 2005 was a weak month.Ford's latest figures are a positive development relative to last year - but September 2005 was a weak month.
Toyota, however, said sales of its trucks also showed growth: "While crossovers, hybrids and small cars continue to show strength, our SUVs and full size trucks also posted solid gains."Toyota, however, said sales of its trucks also showed growth: "While crossovers, hybrids and small cars continue to show strength, our SUVs and full size trucks also posted solid gains."
Job cutsJob cuts
Both Ford and GM have embarked on restructuring plans in an attempt to cut costs and boost their fortunes.Both Ford and GM have embarked on restructuring plans in an attempt to cut costs and boost their fortunes.
The firms have been trying to counter the pressure of increasing labour and raw materials costs, leading to job cuts.The firms have been trying to counter the pressure of increasing labour and raw materials costs, leading to job cuts.
In a bid to entice potential customers both firms have also offered incentives to buyers in the form of rebates and fuel.In a bid to entice potential customers both firms have also offered incentives to buyers in the form of rebates and fuel.
GM said sales were helped by a recent warranty scheme that guarantees vehicles for five years, or 100,000 miles (160,000 km).GM said sales were helped by a recent warranty scheme that guarantees vehicles for five years, or 100,000 miles (160,000 km).
Investors will be keenly watching to see what happens on 15 October, the deadline for GM to assess a plan to team up with the Renault-Nissan alliance.Investors will be keenly watching to see what happens on 15 October, the deadline for GM to assess a plan to team up with the Renault-Nissan alliance.
The plan was originally mooted several months ago by billionaire Kirk Kerkorian - a major investor in the firm - but the reaction from management has been mixed.The plan was originally mooted several months ago by billionaire Kirk Kerkorian - a major investor in the firm - but the reaction from management has been mixed.
After a board meeting on Tuesday, GM said it would change its bylaws to require that executives return bonuses or incentive compensation, should the firm restate its financial results.After a board meeting on Tuesday, GM said it would change its bylaws to require that executives return bonuses or incentive compensation, should the firm restate its financial results.