This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ford, Toyota: Two Kinds of Progress

Stocks in this article: TM F


NEW YORK ( TheStreet) -- Toyota (TM) announced Tuesday that it has now performed more than 3 million "fixes" for three recent recalls, including those for the sticking accelerator pedals and floor mat-pedal entrapment that so damaged the company's reputation earlier this year.

Toyota said it has performed 1.6 million procedures to address the potential for sticking accelerator pedals, and 1.5 million to address the potential for floor mat pedal entrapment.

Toyota said it has also made 115,000 program updates to the anti-lock brake systems in certain 2010 Prius and Lexus models. The company said that more than 732,000 vehicles have received both the floor mat and sticking pedal modifications, bringing the total number of recalled vehicles that have been serviced to about 2.4 million.

Furthemore, the automaker said it has expanded the number of event data recorder readout devices in North America and the U.S. territories to 150 and is actively training internal and field staff on their use. (The devices record specific vehicle information in the event of air bag deployment or sufficient impact, and are intended to help understand how a vehicle's various systems functioned in a crash, Toyota said.)

Toyota's April sales results came out May 3, and they showed that Toyota's U.S. sales rose 24.4% year-over-year to 157,439 in April, as the company maintained its aggressive customer incentive programs.

Meanwhile, rival Ford (F) reported, on the same day, a 25% increase in April sales, the fifth straight month Ford sales have increased more than 20%. The company said that Ford, Lincoln and Mercury April sales rose 25% to 162,996 compared to the prior year.

"In March of 2010, almost every automaker increased its incentives to combat the Toyota recall, however, many automakers lessened the amount of incentives during April and their sales suffered," Wall Strategies analyst David Silver said in a report. "In my opinion, Ford is the only company that really maintained some strong momentum as its F-150 was a big seller," with sales growing about 42% compared to the previous year.

David Silver noted with particular interest the Ford F-150's growing clout, believing that it could be indicative of an improving economy, as contractors and builders "favor the pick-up truck and had been delaying purchases until the economy began to improve."

-- Reported by Andrea Tse in New York

RELATED STORIES:




Follow TheStreet.com on Twitter and become a fan on Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs