Word: nissan
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Beijing wants carmakers, from Nissan to DaimlerChrysler, to help make the nation an auto-exporting powerhouse. That has not happened yet, because total costs in China aren't competitive with those in other emerging economies such as Brazil, where energy and--believe it or not--land are cheaper. Lower tariffs will help lure foreigners but will be disastrous for China's 120-plus state-subsidized automakers...
Viewed more broadly, a lot of good things have happened in Japan in the past couple of years--finally. Hundreds of companies like Nissan and Sega have taken Western-style restructuring to heart. The government is letting more companies fall under foreign control, including top financial institutions like Shinsei Bank and consumer-electronics maker Denon. U.S. firms have surpassed mighty Nomura Securities in domestic stock underwriting and merger advice. Corporate bankruptcies are more frequent, as are takeovers--sorely needed to clear away deadwood and reinvigorate competition...
...renewed buying among U.S. customers and a continuing slide in the yen. David Bowers, chief international strategist at Merrill Lynch, likes the copier company Canon, where 84% of sales are outside Japan, and consumer electronics giant Pioneer, where 64% of sales are outside Japan. Also on his list is Nissan, which has been aggressively investing in new production technologies. All three stocks trade in the U.S. as American Depositary Receipts...
...matters for other reasons, though. It's the first in what General Motors says will be a parade of like-minded, provocative Cadillacs. Another stab in the same direction comes from a company that two years ago was given up for dead: Nissan. The 2002 Nissan Altima, which won top honors at the Detroit Auto Show last week as the North American car of the year, is a screamer, with 240hp and a body design which, like the CTS's, makes you look twice. The Altima's interior is a little on the plasticky side, and for some reason...
...November Lutz brought in an outside consultant to help fix the design process. But mainly he has simply let it be known that the designers are now in charge. That approach has worked famously well at newly revived Nissan, where one of CEO Carlos Ghosn's first turnaround maneuvers was to take designers out from under the arm of engineering. "You have to unleash the creativity," says Ghosn. "Otherwise, you are dead...