Word: daimler
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...When Daimler-Benz, the maker of Mercedes, took over Chrysler three years ago, it argued that globalization demanded not just speed but also size. Selling dozens of models in every price range, the reasoning went, was the only way a car company could afford the huge investments necessary to incorporate the latest technologies. That meant that if you were a small independent, you would have to merge--or face the Darwinian consequences. So Daimler coupled with Chrysler, Renault bought Nissan, Ford scooped up Volvo, and everybody mused that it was just a matter of time before the biggies gobbled...
...execs and industry analysts agreed that global reach was essential to provide protection against foreign-exchange swings and local labor crises. They also agreed that a company had to produce about 2 million vehicles a year to achieve necessary economies of scale. Schrempp still insists that buying Chrysler gives Daimler the mass-market heft--and the profits--necessary to keep developing the cool features that make Mercedes buyers drool...
Last October, BP, Alcan, DuPont and others joined with Environmental Defense to launch the Partnership for Climate Action, pledging to reduce their greenhouse emissions to levels meeting or exceeding Kyoto's requirements. Ford, Daimler-Benz and Texaco have not yet joined, but last year they did quit the misleadingly named Global Climate Coalition, an industry group opposed to emissions controls. Honda and Toyota have introduced hybrid cars with emissions 40% lower than standard models of the same size...
...investment, making each the other's most important market. Who's the biggest employer in France after the government? The 1,250 American companies operating there. What were the top movies in Germany last week? Mel Gibson's What Women Want and the Hollywood thriller Hannibal. Vivendi owns Universal, Daimler owns Chrysler, and top Daimler executives (like many in multinational European companies) are required to speak English. It's true that Hispanic and Asian immigration and business ties are shifting America's focus to the south and west, and that all the transatlantic cultural overlap may obscure enduring differences...
...years earlier. Among them was a provision allowing German companies for the first time to use American or international accounting practices within Germany. The new laws also set up a nationwide regulator, the Federal Securities Supervisory Office. The difference between U.S. and German accounting standards first became obvious when Daimler-Benz listed on the New York Stock Exchange in 1993. Under U.S. rules, Daimler-Benz lost nearly $579 million in the first half of 1993, while under Germany's reporting requirements--which allowed the company to hide money-losing assets--it seemed to have a $102 million profit. When Deutsche...