Word: detroit
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...result of an estimated $12 billion to $15 billion development effort to reclaim American buyers. Eye candy like the redesigned Ford Mustang and a trimmer, more powerful Chevrolet Corvette are sure to draw some of the biggest crowds at this week's North American International Auto Show in Detroit. Everything from the dated Ford Taurus to Chevy's entry-level Cavalier has been either retooled or replaced altogether. Even boring old wagons are enjoying a renaissance, with better styling and handling, and creature comforts like reclining rear seats. "For the first time in three or four years, there...
...news out of Detroit this year: cars are cool again. As Ford Motor Co. puts it, this is "the year of the car." The Big Three's discovery of the automobile might seem odd at this point, but over the past 10 years, Detroit has focused much of its energy and money on SUVs and trucks, which command high prices and high profits and see less competition from imports. Carmaking has been a loser for Detroit lately, but with the foreigners now muscling into the SUV and truck markets while holding on to their car sales, the Americans have...
That's always the goal, of course, and skeptics question whether the flurry of new offerings will be enough to get Detroit back on track. Market share of the Big Three, plagued by increased competition and poor reliability ratings, fell from 73% of all vehicles sold in the U.S. in 1996 to just 60% in 2003. That's an estimated loss of some $13 billion in profits in a $400 billion U.S. market. Ford hasn't released a new car since 1999, when it launched the compact Focus. Because foreign-car brands have become so alluring, "the biggest challenge...
...Three will probably face the "same problems, just less of them." The falling value of the dollar, which makes imports more expensive, should help somewhat. Although an improved economy and job market are expected to nudge 2004 vehicle sales to about 16.8 million (from about 16.6 million in 2003), Detroit's share will probably remain the same or even slip slightly, according to several analysts, as aggressively priced import brands continue to dominate. Here's how the Big Three are fighting back...
...cost-cut your way to prosperity." Nor can you price-cut forever, which has been the strategy the Big Three have relied on to keep the metal moving. Consumers have always been willing to pay more for cool design and a hot car. This year, at least, Detroit will give them that opportunity. --With reporting by Joseph R. Szczesny/Detroit and Dody Tsiantar/New York