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Automotive News Archive02-Aug-2006Massive Toyota Recall Affects Nearly One Million Toyota Motor Corp. is recalling nearly 1 million vehicles around the world to replace faulty parts that could cause drivers to lose control of the steering wheel. Chrysler Sets Off Summer Car Sales War Chrysler plans to offer an employee-discount program for consumers beginning July 1, marking the first volley of what is almost certain to be another summer long new-car price war. Exxon Mobil Profits, Consumer Gas Prices Near Record Highs Exxon Mobil has made more than $20 billion in profits in just six months. The world's largest publicly traded company reported a near-record quarterly profit of $10.36 billion on top of the record $10.7 billion quarterly profit the oil company reported three months ago. Gas Prices Drip Down A Penny Good news. The average price of regular unleaded gasoline has dropped a penny to $2.89 a gallon. Hey, it may not be much but at least it's a small move in the right direction. Imports Beat Domestic Auto Sales Through May It wasn't too long ago that Ford and GM were arguing about who was No. 1 in sales. There's no argument anymore. Foreign-based auto brands captured more than 50 percent of U.S. sales to consumers in the first five months of 2006 according to the latest vehicle registration data from R.L. Polk & Co. A New Gas Price Record, Maybe The national average for regular self serve gasoline has reached the highest price in 25 years according to the latest nationwide Lundberg Survey but the AAA tracking report posts the price just below the record AAA recorded following hurricane Katrina. Porsche Takes J.D. Power Win Porsche came in first, winning the top spot in the J.D. Power and Associates 2006 survey of initial vehicle quality. Porsche beat out Lexus, last year's winner. Hyundai moved up, way up, to third. Consumers Fear Gas Prices Will Continue To Rise More than half of Americans expect gas prices to increase between now and the fall, according to a recent poll by the Gallup organization. Toyota Hybrid Tax Credit to Decline as Sales Climb For consumers considering a Toyota Prius, now is the time to act. The hefty federal tax credit attached to the hybrid will soon go down and the amount a consumer can pocket could well decline before clearing the ample waiting list at a nearby Toyota dealer. Ford Joins Summer Incentives Battle First General Motors offered a year's supply of $1.98 gasoline in Florida and California to buyers of selected GM cars and trucks, now Ford is promising to buy you $1,000 of gasoline if you drive off one of its products.
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