Word: toyotas
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...hard to fathom why. Carmakers are grappling with an extraordinary shortage of credit and customers. Sales in Europe - where the $700 billion auto industry accounts directly or indirectly for 1 in 10 jobs - dropped to a 15-year low last year, with little sign of picking up in 2009. Toyota announced on March 11 that 4,500 workers at its British factories would see their pay and hours slashed 10% for a year starting in April. The German and British governments are still in talks with GM over potential aid for the U.S. automaker's beleaguered European subsidiaries, Opel...
...Carmakers, including foreign nameplates such as Toyota, Nissan, Volkswagen and BMW, argue that the goals embedded in the California regulations are basically unattainable under current conditions, which include a severe shortage of cash for innovation and research. "This is the worst auto market since World War II," says Julie Becker of the Alliance For Automobile Manufacturers, representing both foreign and domestic nameplates. Adds Eric Fedewa, vice president at CSM Worldwide, a forecasting firm based in Northville, Mi.: "Our analysis suggests that allowing California and other states to regulate CO2 emissions, and thus fuel economy, will further damage companies that...
Once domestic vehicle sales began to decrease 30% per month, as they did beginning last fall, and then the rate increased to 40% or more the last three months, there was no way that Ford could finance its losses over the next year. The news that Toyota (TM) and Honda (HMC) might seek assistance from the Japanese government meant that not a single car company in the world would get by on its own. (Read about the CEOs behind Detroit's Big Three...
...only privately held member of The Big Three, Chrysler, did better than expected. Sales were down 44% to 84,050. Honda (HMC), Toyota (TM), and Nissan all had results down about...
That criticism has lost its bite with autoworkers, considering that Toyota and other foreign makers are taking it on the chin just as much as Detroit. "This attitude, targeting the UAW as the bad guy here or the reason the auto industry is in rough shape - they think that's unjustified, not warranted," says David Lipsky, professor of dispute resolution at Cornell's School of Industrial and Labor Relations. And with some reason, says Lipsky, "they were innovative and creative: they built a comfortable lifestyle for middle-class Americans. And now it's turned out to be a house...