Word: auto
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...issues. He named his Cabinet by Christmas and kept his vow to bring diversity to top government posts. For two days in December, he conducted a tour de force over the economic landscape, dazzling TV viewers as he pitched and fielded questions on subjects ranging from capital formation to auto-emission controls. He even talked policy as he frolicked on the beach, giving some Americans an impression that they had elected a new-age Renaissance man who could juggle all sorts of modern challenges. In a TIME/CNN poll, 69% of those surveyed viewed Clinton as trustworthy enough to be President...
...lament echoes across the $339 billion Japanese auto industry, which finds itself running low on gas. The industry accounts for 10% of Japan's overall economy; thus its falling fortunes are a major factor in a deepening recession. Domestic car and truck sales are down 13% from the 1990 peak of 7.7 ( million vehicles, and profits for the five biggest carmakers -- Toyota, Nissan, Honda, Mitsubishi and Mazda -- are off about 64% from the same year. Some of the smaller companies, like Isuzu, have been in the red for two years and may soon be joined by the likes of Nissan...
...global slump, Japan's automakers face increasingly tough, lean rivals. In the U.S., where total auto sales increased an estimated 1.5% in 1992 over the previous year, the once burgeoning Japanese share of the market has retreated slightly, to 30%. The strong yen and an attempt to inflate prices overseas to offset weak profits at home have made Japanese vehicles more expensive in the U.S. A mid-priced American-built car now typically costs $1,500 less than its Japanese counterpart. Another factor is that Japanese companies are weak in the light-truck category, where such vehicles as Dodge pickups...
While the auto companies do penance for past overindulgence, few analysts believe the bigger firms have much to worry about in the long run. When the dust clears, they will still own some of the most modern and flexible production plants in the world, not to mention much of the best automotive technology. "The Japanese carmakers have serious problems but also impressive strengths," says Harley Shaiken, a professor of technology at the University of California at San Diego. "They are still going to be major innovators. One of their strongest attributes has been the ability to rebound...
...have new markets to explore in Asia, where they are better positioned for expansion than their Western competitors. Japanese carmakers are already dueling in Thailand, one of the fastest-growing Asian markets, and are eagerly awaiting a rise in living standards in other countries that should launch a major auto-buying spree. Thailand's market may be only a fraction of the size of the U.S.'s, but it offers a taste of things to come in some Southeast and West Asian countries -- and someday China and India. Yasuhara Kondo's showroom may not enjoy another boom, but Toyota...