Word: lexus
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...biggest surprises for Ford and General Motors was that 35% of Lexus buyers traded in a luxury American car to make their new purchase, something no one, not even Toyota, expected to happen so quickly. While sales of Lincolns and Cadillacs have been strong this year, the quick loyalty switch is worrisome news. "It's already a nightmare for European and American luxury carmakers," says John McElroy, editor in chief of the Detroit trade publication Automotive Industries. "Right out of the box, Lexus made a car that was more technologically advanced than anything it competes with...
...Lexus owes its allure to 300 subtle technological innovations that add up to a remarkably quiet and smooth ride, even at speeds of up to 150 m.p.h. in the LS400. The Lexus' computerized engine-control system, for example, retards the engine's r.p.m. just before a gear shift, which reduces the lurch common to many automatic transmissions. The car bristles with luxuries as well: a steering column that automatically adjusts to different drivers, heated seats and an optional telephone mounted in the steering wheel...
...next marketplace ripe for Japan's "luxmobiles" is Europe. The Lexus went on sale in Switzerland and Britain earlier this year, and in 1991 will hit Germany, France, Italy, the Netherlands and Sweden. In an interview early this year, BMW chairman Eberhard von Kuenheim accused Toyota of "dumping" Lexus in the U.S. market at below-market prices, and declared, "Europe is not willing to destroy its own industry" by giving Japan free access. Toyota calls that charge "groundless and meaningless," but spokesman Yoshiharu Tateishi says, "We are fully aware of the trade friction, and our approach will be modest...
...maker of Mercedes, are flush with profits, thanks in part to the booming German economy. BMW aims to produce a record 520,000 cars this year, up 1.6% from 1989. Both companies proclaim their readiness to take on the Japanese luxury cars, but their fear is showing. "The Lexus is not a Mercedes, but as a portent of what they are able to do, it is more worrying," says John Evans, a British spokesman for Mercedes. "You ignore the Japanese at your peril...
...remained steady at around 10% for the past four years. At one extreme are France and Italy, whose draconian protectionist policies have limited Japanese cars to 3% market shares. At the other is West Germany, whose laissez-faire stance has allowed the Japanese to capture 15% of that market. Lexus, which is moving cautiously into the protected European market, plans to sell only 2,500 autos on the Continent this year...