Cash For Clunkers Runs Out Of Cash
The one billion dollars allocated to President Obama’s ‘Cash for Clunkers’ scheme has already been exhausted just a few weeks after its introduction.
Officially called the Car Allowance Rabate System, or CARS, the Obama initiative is designed to help both the US economy and the environment by offering generous trade-ins for old gas guzzlers in exchange for new fuel efficient cars and trucks. Owners receive federal subsidies of up to US$4500 for their old vehicles.
Gloomy Outlook For Holden After Huge Losses
It just ain’t getting any better at cash-strapped Holden.
After losing an export order for Pontiac vehicles earlier in the year and putting their Elizabeth, SA workers on a one week on, one week off roster, a form of job sharing, Holden have announced an annual loss of some $70mil. for the ’08/’09 financial year, with a drop of $300mil. in total revenues.
Government claims dubious credit for record sales
The good news is that June vehicle sales reached a record high, with a 36.3 percent increase on May sales, and the third biggest sales month in the history of Australian auto sales.
Industry Minister Kim Carr ( what an appropriate surname) stated that the Australian car market was performing better than those in North America, Europe and Japan, and claimed that this was due to ‘the carefully targeted investment packages’.
'Cash for Clunkers' underway
The controversial ‘Cash For Clunkers’ scheme has been signed off by President Obama in the USA.
Under this scheme the US Government will help buyers pay for a more fuel efficient car or truck if they trade in a less fuel efficient vehicle.
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