Word: volkswagenâ
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With production workers earning $2 an hour, China is pressing its labor advantage, luring foreign automakers to both supply its domestic market and develop export programs. Almost all the big names?GM, Ford, Honda, Volkswagen???have joint ventures that assemble vehicles for the local market, with sales booming at a 22% average annual clip. Strong sales in China have cooled the impetus to export. So has the majors' ample capacity at plants overseas. And low wages don't make China a low-cost producer. The country has an inefficient supply chain, high component costs (many parts are slapped with import...
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