Toyota's Troubles Could Turn into Good News for U.S. Automakers

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Includes: F, GM
by: The Business Insider

car smash
Ford (NYSE:F) and GM (GMGMQ.PK) are wasting little time hitting Toyota (NYSE:TM) while it's down.

They're offering incentives to Toyota owners in the hopes that customers will make the switch back to the American cars they used to buy.

From The Fresno Bee:

"General Motors and Ford both announced discounts and special financing offers this week in hopes of knocking the Japanese automaker off its perch as the top-selling make in the U.S.

...

"There are people out there with [Toyotas] that aren't going to want to drive them, and they need a vehicle." Hedrick said dealers of all makes have been counting on pent-up demand to fuel sales following two years of recession that kept many would-be car buyers on the sidelines.

To make matters worse for the Japanese auto giant, the U.S. government plans to join the Toyota takedown fray as well, since the House of Representatives has just announced an investigation into Toyota's accelerator pedal controversy.

From The Times:

"A month from now Toyota will face a cross-examination from the House Committee on Energy and Commerce over whether it responded soon enough to reports that accelerator pedals could become stuck.

The committee has sent letters to Toyota’s American subsidiary requesting documents and e-mails related to the matter."

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