General Motors is increasing incentives by as much as $US1,000 from Monday as the vehicle maker looks to sell down its bulging supply of remaining 2003 cars and trucks, the Detroit News reported.
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The paper said GM is adding a $1,000 coupon for customers who buy a model from the same branded vehicle they are trading in. For those who trade in a GM vehicle but buy a model from another of the automaker’s brands, the loyalty bonus is $750.
Added to current incentives, GM customers could receive cash rebates as high as $5,000 on 2003 models, the Detroit News noted.
The Detroit News said GM’s US sales are down 5% so far this year and, at the end of June, GM’s US car and truck inventories stood at 1.2 million vehicles, about 300,000 more than optimum levels.
The paper noted that GM’s vice chairman and chief financial officer John Devine said last week the company would not scale back incentives, even as sales and profit margins narrowed.
The Detroit News also reported that GM on Friday said it would shut down its Wilmington, Delaware, assembly plant for three additional weeks this summer because of slow sales of Saturn L-series midsize sedans and wagons.
