Stocks: (GM)(TM)
Toyota’s sales of its Prius hybrid are lousy. The big Japanese car company blames that on the fact that the US government is not giving out incentives to buy the car. If buyers really wanted them, it is not clear why lack of incentives are killing sales.
For the first time since the car was introduced in 2003, Toyota does not have a backlog of unfilled customer orders. October sales of Prius were the lowest since March.
Of course, GM never likes to come to a party early. Just as Toyota hybrid sales are going down the drain, GM trumpets its "next big thing" in the plug-in electric hybrid.
While GM’s product works differently from Toyota’s, the No.1 car manufacturer’s announcement comes at an awkward time. Just as Toyota is saying hybrids may not be a good business. Unless, of course, the govenment pays part of the price.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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