Standard and Poor’s credit analyst Gregg Lemos-Stein added that Toyota overtook Ford and GM years ago in the most important measures: Profitability and cash flow. Toyota’s profit for the July-September quarter rose to 450.9 billion yen ($4 billion), up 11 percent from the same period the previous year. By contrast, GM posted a record $39 billion loss in the same quarter, mostly due to unused tax credits, while Ford posted a loss of $380 million.Lemos-Stein said 2007 started off weak and automakers got no boost in the usually busy summer months. There was a rebound in August and September due to increased incentive spending, he said, but the year still ended with the lowest sales since 1998 as consumers fretted about high gas prices, falling home values and the economy. U.S. sales totaled 16.1 million vehicles, down from 16.6 million in 2006, according to Autodata Corp.
December didn’t improve things despite a slew of holiday discounts. Toyota’s sales slipped 2 percent for the month, while GM’s sales were down 4 percent and Ford’s fell 9 percent.
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