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Takashi Nishioka, the new chairman of Mitsubishi Motors Corp. (M.M.C.), has a difficult job ahead. While Japan is the birthplace of some of the world's most successful auto manufacturers--Honda, Nissan, Toyota--Mitsubishi is one of the most troubled. The company has been shaken over the past year by revelations of long-running campaigns in various divisions to cover up critical manufacturing defects, some of which have proved lethal. Many large investors, including DaimlerChrysler and Japanese private-equity fund Phoenix Capital, have begun selling off their stakes or announced that they plan to do so soon, leaving questions about...
...members of Flexcar, one of more than a dozen car-sharing companies revving up across the U.S. As such, the pair have only to jump on the Internet or call a local number to reserve one of several vehicles parked in their neighborhood. They can choose between a Honda, a Lexus, a minivan for carting equipment or, for a jaunty weekend outing, a silver Mazda Miata. They can enter the car any time of night or day with a security-coded electronic card, get charged by the hour thanks to an in-car transmitter, and receive the bill...
...Fetish is emblematic of a trend in the automobile business: carmakers realize that if they hope to sell more environmentally friendly vehicles (which account for less than 1% of the cars and light trucks sold in the U.S.), they'll need to spruce and rev them up considerably. Thus Honda is coming out with a hybrid version of its Accord that is even more powerful than the original. Lexus, meanwhile, is getting brisk preorders for its 2005 luxury hybrid SUV, the 270-horsepower RX400h. But don't expect the Joneses next door to pull up in a Fetish anytime soon...
...trade-off for performance and luxury used to be lousy gas mileage, and it still is for most cars. But eco-luxury has become the hottest trend in the auto industry, and the latest hybrids from both Honda and Toyota's LEXUS division are all about going green in pulse-racing style. Honda's new hybrid Accord, which went on the market in December, packs 255 h.p.--15 h.p. more than the conventional V6--and comes with luxuries like a leather-trimmed interior, heated front seats, power windows--and even an electronic noise-dampening system. Not to be outdriven, Lexus...
...also worth noting that few of the Asian firms that have succeeded overseas bought their way there. Japanese automakers Toyota and Honda enjoyed years of protected markets at home, then set up operations abroad that introduced new production techniques or superior engineering. In Korea, Samsung and Hyundai took decades to build respected brands. By contrast, electronics maker LG failed to establish a thriving business from its shortcut purchase of the TV brand Zenith?though it has recently been much more successful in penetrating global markets by pushing its own brand. Chinese acquirers will face similar challenges...