Detroit's Got It In Drive

Lack of supply slows Toyota, Honda

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The month of May may have been a bit sluggish, but car sales continued to rebound in the U.S.--so much so that Fiat bought a (used) car company, acquiring the remaining shares of Chrysler held by the U.S. government for $500 million. Fiat now owns 52% of Chrysler. "Because President Obama made the tough decision to stand behind and restructure the auto industry, America's automakers are growing stronger," crowed Treasury Secretary Tim Geithner. General Motors has sold more than a million vehicles in the U.S. this year. Japan's earthquake cut supplies, denting sales for Toyota and Honda. Korea's Hyundai and Kia continued to make inroads. German automakers have held their own, with the outfit from Wolfsburg, Volkswagen, leading the pack.