DETROIT – General Motors and Ford added incentives on SUVs this week after weaker-than-expected U.S. sales in April, Reuters reported. Chrysler announced cash-back bonuses earlier in the week.
GM’s new incentives include $1,000 cash back plus 0 percent financing for loans of up to five years, which can be combined with a previous $1,000 bonus cash programs. Consumers who forgo the loan offer can choose to take cash rebates of up to $4,500 on many SUVs pickups and minivans, which includes the $1,000.
Ford is offering $1,000 and no-interest, 60-month loans on Explorer sport-utility vehicles, Excursion and Expedition large SUVs and Freestar minivan, Ford spokesman Jim Cain told Bloomberg.
Detroit’s Big 3 are trying to keep pace with Toyota and Nissan sales. Profits released this week showed U.S. automaker’s share of the light-truck market in the first four months of this year declined from 73.8 percent to 71.9 percent. Asian carmakers’ share of the market rose to 25.7 percent from 24.2 percent.