Word: toyota
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Dates: during 1980-1989
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...help make its Mexican car. Ford has teamed up with Toyo Kogyo, Japan's third-largest auto company, after Toyota and Nissan, and the maker of Mazda cars. Toyo Kogyo (1983 sales: $5.8 billion), 25% owned by Ford, will supply engines and transmissions for the Mexican model from its Hiroshima factories...
...launched the company's Saturn Project to develop a 45-m.p.g. model by 1987. In addition, GM has created alliances with four Japanese automakers. It has made large investments in both Isuzu and Suzuki, and expects to import 300,000 of their cars. Its agreement with Toyota to produce 250,000 cars annually in Fremont, Calif., was approved last month by the Federal Trade Commission. And GM has also quietly arranged for Nissan, Toyota's archrival, to build cars for its Australian subsidiary...
...tycoons are trying to emulate Smith-san," says Nobuyoshi Yoshida, Japan's leading automotive journalist, who praises Smith for his flexibility, his keen accountant's eye and his pragmatic deal-making ability. Adds Yoshida: "Japanese businessmen would feel guilty doing business with such rivals as Nissan and Toyota at the same time...
...prospect of GM's gaining access to Toyota's small-car know-how sent fear into the boardrooms of Ford, Chrysler and American Motors. GM already accounts for 60% of all U.S. sales of American-made cars, while Toyota has 25% of the market for imports. "I don't care what kind of fig-leaf consent order they try to cover it up with," said Chrysler Chairman Lee lacocca after last week's FTC decision. "It's not right, and I will do everything in my power to see that the American public gets...
...Toyota deal is expected to force other U.S. carmakers to race to make similar arrangements with Japanese firms. Some industry watchers are even predicting that it will not be long before virtually all small cars sold in the U.S. will be either built abroad or made from imported components...