Honda Sells 60 Millionth Super Cub

(NEWSER) - The "cash for clunkers" program might be a boon for car dealers, but for American automakers the news isn't so good—four of the five top-selling cars in the program are Japanese. While the Ford Focus is the No. 1 seller, Toyota and Honda occupy the next four spots. The new vehicles get an average of 25.4 miles per gallon, while the traded-in cars—more than 80% of which were trucks and SUVs—get just 15.8 mpg. More»

$8.6B loss is far worse than anticipated

(NEWSER) - Toyota forecast a 2009 loss of $8.6 billion, its first annual loss ever and one far deeper than anticipated, Reuters reports. Only last year Toyota posted record profits and climbed past GM to become the world's largest car maker, but the global downturn in the auto industry and a strong yen battered the company. Toyota lost 1.5% on the Nikkei stock exchange today. More»

Japanese automaker to seek government loans to pay for customer loans

(NEWSER) - With American credit markets dried up, Honda is seeking money from the Japanese government to help finance auto loans in the US, reports the Wall Street Journal. The Japanese government is planning to offer $5 billion through a semi-governmental organization, and Toyota is planning to seek funds as well. More»

Even Prius can't overcome flagging demand, soaring yen

(NEWSER) - Toyota will post a loss for the first time in its history, the victim of plummeting sales and multi-year highs in the value of the yen, the company warned today. The Japanese automaker, which has enjoyed a reputation for profits even in bad times, announced that it would suspend executive bonuses and rejigger its dividend payout. "Unfortunately, I cannot see now where the bottom will be," said Toyota's CEO, who predicted a $1.67 billion loss. More»

Attempting to cut costs, Japan's No. 2 carmaker axes racing program

(NEWSER) - Honda, facing economic drag as the financial crisis sharply curtails demand for automobiles, is withdrawing from Formula 1 racing, at least until global markets turn the corner, the Guardian reports. Honda's CEO once pledged to spend “a trillion yen” to secure an F1 title, but shareholders have pressured the company to cut costs, and the nonessential $500 million going toward the racing team yearly was an easy target. More»