GM to Launch Cash Rebate Incentives After Drop in Sales
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General Motors Corp. will offer cash rebates as high as $7,500 on some 2004 models in its Red Tag incentive program to be launched Friday to boost sales after two disappointing months, dealers said Wednesday.
The GM Red Tag Sale includes rebates of up to $4,500 on some 2005 models for customers who finance through GM’s credit arm GMAC, the dealers said.
Last week, GM reported a 13% drop in its U.S. sales for November and said it expected its first-quarter production in North America to fall about 7% from the same period last year.
GM has led Detroit’s price war since it rolled out interest-free financing offers after the Sept. 11 attacks. The incentives boosted sales and GM’s market share in 2001 and 2002.
GM shares closed up 8 cents at $38.26 on the New York Stock Exchange.
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