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Bye Ford, we'll miss you
UPI | The Bear's Lair ^ | 3/17/2003 | Martin Hutchinson

Posted on 03/18/2003 12:16:42 PM PST by sourcery

WASHINGTON, March 17 (UPI) -- In 1979-80, at the time of the Chrysler bailout, I and many other commentators predicted that saving Chrysler would simply result in bankrupting Ford. Now, 24 years later, this prediction may finally be on the brink of realization.

Ford was saved after 1980 by two things: the strength of its businesses in Europe, which continued making profits even while losses spiraled in the United States, and the long economic boom that began in 1982, to which 1990-91 can now be seen as more of an interruption than a terminus.

The automotive industry in a severe downturn is very like the recently popular "Weakest Link" game show. The automobile is the largest equipment purchase for almost all consumers, so when the economy deteriorates automotive sales drop off by a much greater percentage than gross domestic product in general. For example, in the 1973-75 downturn, U.S. automobile sales declined from 14.6 million to 11.1 million; in the 1978-82 downturn, U.S. automobile sales declined from 15.4 million to 10.5 million -- in both cases, drops far steeper than that of the economy as a whole. The problem for U.S. manufacturers was exacerbated by the increasing market share taken by imports -- in 1978-82, sales of imported automobiles increased, in spite of the 32 percent drop in the automobile market as a whole.

As the economy gets worse, and automobile sales decline, U.S. and foreign automotive manufacturers fight with increasing desperation for market share, with the battle being both domestic to the U.S. market, the world's largest, and, increasingly in recent years, international. This is because automotive plants are extremely expensive, and the workforces unionized, so the marginal cost of producing an extra car that you can't sell is generally quite small compared with that of reducing production and existing with unutilized plant and human resources. As we have seen in the last year, ever more aggressive sales incentives are used to "move the metal" and maintain unit sales volume.

Eventually, if a downturn continues, it becomes impossible to maintain sales volume even with heavy discounting and incentives, and the market collapses to a much lower sales level. At that point, all competitors have generally been making losses or greatly reduced profits, and one or more competitors finds itself in extreme cash flow difficulties, with its plants and workforce heavily underutilized, a huge excess in capacity, and a hemorrhaging of cash. In the words of the game show, it becomes the "Weakest Link" and is eliminated from the game.

As a result, automobile company after automobile company has disappeared. In the downturn of the mid-1960s, it was Studebaker-Packard. In the 1973-75 downturn, it was Britain's British Leyland, which was bailed out by the British government at enormous cost to the British taxpayer. In 1979-80, it appeared likely to be Chrysler, which was bailed out by the U.S. government but -- because loans rather than cash were used, and Chrysler acquired a highly capable CEO in Lee Iacocca -- the bailout worked and Chrysler was restored more or less to health. Later in the 1980s, it was American Motors, sold to the French Renault in 1982, then on-sold to Chrysler in 1987, after which production of AMC vehicles was halted.

In the recession that began in 2000, and was delayed through 2002 in the automotive industry by aggressive "zero percent financing" deals and very low interest rates, the eventual sales downturn is likely to be severe, perhaps as severe as in 1978-82. From the peak of 17.8 million units in 2000, which had declined only to 17.1 million units in 2002, we might expect to see a decline in U.S. auto sales to a level of around 12 million units at the trough of the recession, perhaps in 2005. Such a drop would undoubtedly produce huge financial strains in the industry, already weakened by the orgy of zero percent financing in 2001-2.

An additional problem this time around, as in the early 1980s, will be government mandates on engine design -- in the early 1980s, fuel economy standards that benefited small car imports at the expense of large car domestic manufacturers, but this time around, even more expensively, mandates such as the California requirement for zero emission vehicles. These requirements, which force manufacturers to make extremely expensive engineering changes for which there is no visible customer demand, are highly damaging to the U.S. automotive industry -- essentially, environmental cleanup is being carried out at the expense of General Motors and its competitors, rather than that of the government and taxpayers who demand it. The requirements also do very little good in the long run -- the rise of the ugly, dangerous and catastrophically fuel-guzzling sports utility vehicle, after all, was the result of a fuel efficiency standard mandated by government, from which SUVs, as "trucks" were exempt.

So which manufacturer will be the "weakest link" this time? Had Daimler-Benz not intervened in 1998, it might well have been Chrysler. That company, from which Iacocca retired in 1993, had introduced few new models in the last decade of its independent life, and was subject to a fierce battle for control involving the leveraged buyout artist Lee Kerkorian. By 1997, it was still making good money, but it is fairly clear that Chrysler management knew that the writing was on the wall. In one of the poorest acquisition decisions in recorded history, Daimler Benz, fattened by the profits on its magnificent Mercedes brand, "merged" with the ailing Chrysler in 1998 -- and promptly saw Chrysler's operations descending into a black hole, with the company losing $1 billion per quarter by 2000.

However, Mercedes, while not what it was, remains the most successful up-market automobile brand, and it seems inconceivable that the arrogant DaimlerChrysler top management, backed by the equally arrogant Deutsche Bank and -- such is the European system -- by the German taxpayer, if necessary, will allow their appalling mistake to be revealed in all its horror by closing Chrysler.

Another possibility would have been Nissan. That company, always a poor second to Toyota in the Japanese and international markets, had lost a great deal of money in the prolonged Japanese downturn of the 1990s and was close to collapse. Then in 1999, a minority share in it was bought by the French Renault (not in itself a positive sign, given Renault's own unhappy history) and outside top management was imposed, in the form of the Brazilian Carlos Ghosn. Ghosn applied to Nissan the one business technique that Renault, in the very competitive European market, had truly mastered: squeezing suppliers.

By breaking apart the cozy Japanese supply relationships, fortified by cross shareholdings that had made Nissan cost uncompetitive in world markets, Ghosn within two years restored Nissan to profitability, and began to revivify the company's product line. With Japan showing signs of economic recovery, and Ghosn still in charge, it seems likely that Nissan will maintain its new-found profitability and return to the traditional role of Japanese companies: taking market share off the Americans around the world.

The Italian Fiat will almost certainly be one victim of the current unpleasantness, particularly as its patriarch Gianni Agnelli died in January. The company lost $4.6 billion in 2002, and its market share in the highly competitive European market has been eroding for some years. Like most Italian companies, it failed to build up enough reserves from profits in the good years to withstand a downturn, and it must now be considered highly vulnerable to a takeover either by a competitor or by the Italian government.

However, with Fiat having few attractive models and a declining market position, a takeover by a competitor, perhaps General Motors, which owns 20 percent of Fiat, would be almost entirely a cost-reduction, consolidation and asset-stripping exercise, with little of the company's operations remaining independent, possibly not even the brand name outside Italy. Putting Fiat out of independent business, however, makes very little difference in the U.S. market, where its market share is tiny.

Of the major U.S. manufacturers, Ford, which lost $980 million in 2002 after losing $5,453 million in 2001, is in the most vulnerable position. It spent heavily in the 1990s, acquiring premium European brands such as Jaguar, Volvo, Land Rover and Aston Martin, in an attempt to strengthen its position in the luxury car market. In the boom years, this largely worked -- Jaguar, for example, was an extremely profitable franchise in the late 1990s. However, since 2000, even after all the acquisitions, Ford's U.S. market share has been declining, from 19.5 percent of U.S. car sales in 2000 to 16.4 percent in 2002, and from 28.3 percent of U.S. truck sales in 2000 to 25.5 percent in 2002.

Ford's overall U.S. market share was 21.1 percent in 2002, down 1.7 percent from a year earlier. More importantly, the U.S. truck market, in which Ford is more dominant, and which had grown steadily to 52.7 percent of the U.S. market in 2002 (of which SUVs themselves were 25.2 percent) is poised to decline, both because of the renewed safety questions surrounding SUVs and because of their extraordinary fuel inefficiency at a time of rising fuel costs and strategic worries about oil supplies. Thus Ford's U.S. position, already poor (the company lost $278 million at an operating level in 2002 on North American automotive operations) is fated to deteriorate further.

Europe, which saved Ford in 1978-82, won't do so this time. The company lost $725 million on automotive operations in Europe in 2002, although its market share (including Jaguar, Volvo and Land Rover) there increased marginally from 10.6 percent to 10.9 percent. Of particular concern is a directive from the European Commission that from 2005, automobile markets within the EU must used standardized pricing, rather than the highly variable pricing between markets that is currently been used, which is highly beneficial to Ford, strong in high-price Britain.

As in the United States, the European market declined by 3 percent in 2002, and can be expected to decline significantly further in the years ahead, although Eastern European sales (where Ford is not particularly strong) may hold up better than in the West.

Outside Europe, Ford is strong in Brazil, Argentina and Mexico -- none of them with markets where much growth can be foreseen in the next few years. It has almost no presence in China, although a Ford joint venture there opened production in January 2003. In Japan, it owns 33 percent of Mazda, a declining Japanese manufacturer with only a 5 percent domestic market share.

Most frightening are Ford's financial statements, in particular its balance sheet. At December 31, 2002, the company had only $5.6 billion of stockholders' equity, compared with $162 billion of debt. Of course, this includes the financing activities of Ford Credit, so the balance sheet is partly that of a bank. Even so, a decline in stockholders equity from $18.6 billion in 2000 to $5.6 billion in 2002 suggests that all is far from well, and that the company's financial flexibility is extremely limited.

The company is rated BBB, reduced from BBB+ in October 2002, by Standard and Poors, but as in many such cases the rating agencies may be following rather than leading the deteriorating reality.

Finally, the company's pension plan, which was $596 million over-funded at December 31, 2001, was $7.3 billion under-funded at the end of 2002, so pension contributions can also be expected to a drag on future Ford operations.

Ford has a long and honorable history, dating back 100 years this year. It was, of course, the pioneer worldwide of automobile mass production. It makes fine cars, both its own and Lincoln, but also the marques it has bought -- Volvo, Jaguar, Land Rover and Aston Martin.

But in this downturn, it may well be time to bid Ford a regretful goodbye.

-0-

(The Bear's Lair is a weekly column that is intended to appear each Monday, an appropriately gloomy day of the week. Its rationale is that, in the long '90s boom, the proportion of "sell" recommendations put out by Wall Street houses declined from 9 percent of all research reports to 1 percent and has only modestly rebounded since. Accordingly, investors have an excess of positive information and very little negative information. The column thus takes the ursine view of life and the market, in the hope that it may be usefully different from what investors see elsewhere.)

Copyright © 2001-2003 United Press International


TOPICS: Business/Economy
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1 posted on 03/18/2003 12:16:42 PM PST by sourcery
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To: sourcery
bump for later reading
2 posted on 03/18/2003 12:21:27 PM PST by Fyscat
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To: sourcery
Unions are taking out another of America's oldest corporations (the entire industry for that matter).
3 posted on 03/18/2003 12:21:41 PM PST by uncitizen (hostile freepers need not reply)
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To: uncitizen
I'm sure that they (unions) may be a part of the picture, they interfere with the workings of the market, which is a force that is challenged at peril, IMO.
4 posted on 03/18/2003 12:23:48 PM PST by Sam Cree
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To: uncitizen
Look what the teachers union has done the the education complex in America.

The strongest union in America is the government workers union, be afraid.
5 posted on 03/18/2003 12:27:29 PM PST by bigfootbob
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To: sourcery
The author of this article has an antiquated perspective of the global automotive cartel.
GM, Ford, Daimler-Chrysler, Toyota and Volkswagen are the transnational giants of this cartel.
Most other automotive companies are merely puppets with incestuously entangled financial ties back to one of these Big Five.
The annual revenues of these transnational corporations exceeds the GDP of many developed nations. As such, their financial influence corruptly distorts and dictates national policies to the detriment of citizens those governments supposedly represent.
6 posted on 03/18/2003 12:30:40 PM PST by Willie Green (Go Pat Go!!!)
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To: sourcery
I do hope they can hold off until after they build my 2004/5 GT Ragtop...


7 posted on 03/18/2003 12:34:22 PM PST by Hatteras (The Thundering Herd Of Turtles ROCK!)
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Comment #8 Removed by Moderator

To: Fyscat
A $7.2 Billion underfunded pension plan, and only $5.6B in stockholders equity...Chapter 11 here we come...
9 posted on 03/18/2003 12:38:24 PM PST by freeper12
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To: carjic

Global Joint Ventures & Affiliations for 2000

Adam Opel AG (Germany)

General Motors – GM owns Opel.

Alfa Romeo (Italy)

Fiat – Fiat owns Alfa Romeo.

AMO-ZIL (Russia)

Caterpillar – Russian truck maker AMO-ZIL (Moscow) has set up the Novotruck joint venture with Caterpillar and Paccar International.

Aston Martin Lagonda Ltd. (UK)

Ford – Ford owns 100% of Aston Martin, which uses a Jaguar platform for the DB7.

Audi (Germany)

Volkswagen – VW owns 98.99% of Audi.

Avtomobilny Zavod Imeni Leninskoga Komsola (AZLK) Russia

Bertinus – AZLK sells its cars (mostly diesel-powered Aleko models) in Hungary through its Hungarian partner, Bertinus.

AvtoVAZ (Russia)

LogoVAZ – The All-Russia Automobile Alliance (Avtomobilny Vserossijskij Allians) comprises Avto VAZ (Tolyatti, Russia) LogoVAZ (Moscow, Russia), the Russia Federal Property Fund (RFFI) in Moscow, the Kujbyshevneft Oil Production and Processing Association (Samara, Russia), and several banks and financial companies. The alliance will build an automobile assembly facility in Tolyatti for the manufacture of 300,000 cars per year and will employ the AvtoVAZ staff.

HungaroLada – AvtoVAZ sells cars in Hungary through its HungaroLada joint venture.

Beijing Automobile Works (China)

DaimlerChrysler – DaimlerChrysler owns 42% of Beijing Jeep, a joint venture with Beijing Automobile Works.

BMW AG Bayerische Motoren Werke (Germany)

*DaimlerChrysler – DaimlerChrysler and BMW have a joint venture to build 1.4L and 1.6L 4-cyl. gasoline engines in Brazil. The engines power the Rover Mini and non-U.S. versions of the Neon, both introduced in 2000.

Mexico – BMW and Grupo Bavaria SA de CV have a joint venture to assemble and sell cars in Mexico with BMW holding a majority stake.

Rolls-Royce – BMW will supply platforms and engines for a new generation of Rolls and Bentley cars until 2003. The Rolls and Bentley brands will then separate, and BMW will own Rolls-Royce, developing new cars and building a new assembly plant.

Rover BMW owns 100% of Rover.

Bratislavske Automobilove Zavody (BAZ) (Slovakia)

Volkswagen – VW owns 100% of BAZ. It took full ownership of VW Bratislava Spol. SRO in 1995 ending a 4-year joint venture with BAZ.

Bugatti Automobili SpA (Italy)

Volkswagen – VW bought Bugatti in 1998.

Chang'an Automobile (China)

Suzuki – Suzuki Motor and Chang'an Automobile (China) have a joint venture to assemble Alto passenger cars in Chongquing, Szechuan, province of China (Chang'an holds 50% of the venture, Suzuki 35%, Nisho Iwai 15%).

China Motors Co. Ltd. (Taiwan)

Mitsubishi – Mitsubishi owns 19% of China Motor.

Chrysler Corp. (USA)
See DaimlerChrysler

Columbia Motor Corp. (Phillippines)

Hoa Binh Auto – The Columbia Motor Corp. has formed a joint venture, The Vietnam Motor Corp., with the Hoa Binh Auto Plant of the Ministry of Transport in Hanoi, Vietnam.

Daewoo (South Korea)

Avia SA – Daewoo, in conjunction with Steyr-Daimler-Puch AG, owns 50.2% of the Czech commercial-vehicle maker. They are investing $200 million to build CVs at the company.

FSL – Daewoo owns 61% of a joint venture to build vans with the Polish company.

FSO – Daewoo owns 10% of the Polish automaker. It plans to raise its stake to 61%. The Polish government would hold 15% and FSO's workers, 15%.

Honda – Daewoo builds a version of the Acura Legend.
Indonesia – Star Surya Group of Indonesia and Daewoo have a 50/50 joint venture to export and sell 11,000 Daewoo cars annually.

MAN AG – Daewoo plans to build 80,000 MAN-designed diesel engines annually.

Philippines – Daewoo Motor Co. is building a joint venture auto assembly plant in Cebu City, the Philippines, with a local partner to produce the LeMans Racer and Espero compact. Daewoo owns 90% of the joint venture.

Oltcit – Daewoo and Oltcit (Romania) formed a joint venture, Rodae Autombile SA. Daewoo owns 51% of the venture. They plan capacity for 200,000 cars a year.

Renault – Renault sells diesel engines and licenses the production of diesel engines to Daewoo.

Steyr-Daimler-Puch AG – Daewoo owns 65% of four Steyr business units producing engines, components and commercial vehicles. Steyr's assembly work for DaimlerChrysler is managed separately.

Toyota – Toyota ended its participation in Indian manufacturer DCM Daewoo Motors Ltd. in September 1997, when Toyota stopped supplying CKD Dyna trucks to the company. Toyota's participation with India's DCM group began in 1985. Daewoo joined the venture in 1994.

Vietnam – Daewoo formed a joint venture to assemble cars in Vietnam. Daewoo will own 65% of the project and the Vietnamese will own 35%.

Uzbekistan – Daewoo and the government of Uzbekistan in the Commonwealth of Independent States set up a 50/50 joint venture with a yearly capacity of 200,000 vehicles.

Daihatsu (Japan)

Malaysia – Daihatsu has a joint venture with the Malaysian government to build Kancil-brand 660cc minicars. Daihatsu owns 20% of the JV, Perusahaan Otomobil Ledua Sdn. Bhd. (Perodua)

Tianjin Automobile Industrial Corp. – Chinese truckmaker Tianjin has a joint venture with Daihatsu to build passenger cars and light trucks.

Toyota – Toyota owns half of Daihatsu, which assembles some cars and supplies some engines to Toyota. They also share technology. Toyota also owns 10% of Daihatsu Australia Pty. Ltd., a wholesaler.

DaimlerChrysler AG (Germany)

Beijing Automobile Works – (See DaimlerChrysler entry under Beijing Automobile Works heading above)

BMW – (See DaimlerChrysler entry under BMW heading)

Ford – Ford, Mazda and DaimlerChrysler are jointly developing fuel cells with Ballard Power Systems.

Freightliner – DaimlerChrysler owns Freightliner (USA).

*Honda – Honda marketed Jeeps in Japan until DaimlerChrysler took over the business in 1999. Bangchan General Assembly Co., a Honda-owned Thai manufacturer, assembles Jeep Cherokees and Grand Cherokees.

India – Mercedes-Benz raised its holding in Mercedes-Benz India Ltd., a joint venture with Tata Engineering and Locomotive Ltd. (Telco) from 51% to 76%. Mercedes owns 10.3% of Telco.

Mazda – (See Ford entry under DaimlerChrysler heading)

Mitsubishi – DaimlerChrysler no longer holds any stock in Mitsubishi. DaimlerChrysler continues to source vehicles and major components from Mitsubishi.

Peugeot – Peugeot produces its 405 midsize model at a plant near Cairo, Egypt, owned by Arab American Vehicles Ltd. DaimlerChrysler holds 49% of AAV.

Renault – Renault owns 20% of Swedish Motors in Thailand. Volvo owns 56% with the remainder held by Swedish Motors. Swedish Motors, in turn, owns 70% of Thai Chrysler Automotive Ltd., which builds Jeep Cherokees at a Thai Assembly Co. Ltd. assembly plant. DaimlerChrysler owns the remaining 30% of Thai DaimlerChrysler.

Ssangyong - Ssangyong builds commercial vehicles and diesel engines under license from Mercedes. It will also build Mercedes-badged cars under license and use the Mercedes W124 platform as the basis of a Ssangyong-badged luxury car. Mercedes' corporate parent DaimlerChrysler owns 5% of Ssaangyong.

*Steyr-Daimler-Puch – Magna's Steyr-Daimler-Puch and DaimlerChrysler unit have a joint venture, Eurostar GmbH, producing minivans in Graz, Austria. Steyr also builds Jeep Grand Cherokees and Mercedes G-Wagen at Graz under contract and began assembling Mercedes M-Class SUVs in 1999.

Volvo – (See Renault entry under DaimlerChrysler)

Volkswagen – DaimlerChrysler and VW each own 50% of VW-Daug.

Dongfeng Motor Corp. (China)

Guangzhou Auto Group Corp. – Dongfeng has a joint venture to build Honda Accords with Honda and Guangzhou.

*Honda - Honda has a 50/50 joint venture with Dongfeng Motors to build auto engines at a capacity of 30,000 units per year. The two companies have another joint venture to produce auto parts.

Eicher Group (India)

Volkswagen - VW and the Eicher Group have a joint venture to build cars.

ELZA (Tatarstan, Russian Federation)

GM – GM and Elabuga Automotive Works have a joint venture to build Chevrolet Blazers at ELZ facilities in Elabuga, Tatarstan, Russian Federation. Assembly began in 1996. GM holds 25% of the joint venture, EZLAZ-General Motors. The $250 million plant has capacity for 50,000 Blazers annually. The partners sell the Blazers through the Commonwealth of Independent States.

Fabryka Samochodow Lubline (FSL) (Poland)

Daewoo – (See FSL entry under Daewoo)

Fabryka Samochodow Malolitrazowych (FSM) (Poland)

Fiat – Fiat owns 90% of FSM's former operations; the Polish government holds the remainder. The company, Fiat Auto Poland (FAP), builds Fiat Cinquecentos, Seicneto, Bravo/Brava, Ducato, Palio and Siena at plants in Bielsko-Biala and Tychy, Poland. FAP produces almost 350,000 cars a year.

Ferrari S.p.A. (Italy)

Fiat – Fiat S.p.A. owns Ferrari.

**Maserati - Ferrari has acquired the 50% of Maserati it did not already own as Ferrari prepares for Maserati's return to the U.S. market in 2000. Maserati, which withdrew from the U.S., hopes to 6,000 cars in the U.S. in a few years.

Fiat S.p.A. (Italy)

Alfa Romeo – (See Fiat entry under Alfa Romeo heading)

Ashok Leyland Ltd. – Fiat's Iveco commercial-vehicle unit owns 39% of the joint venture with India's Hindusa. The Indian truckmaker builds Iveco medium-duty trucks.

Egypt – Nasco Corp. has a license to build 3,000 Fiat Tempra cars annually.

Fabryka Samochodow Maloitrazowych (FSM) – (See Fiat entry under Fabryka Samochodow Maloitrazowych heading)

Ferrari – (See Fiat entry under Ferrari heading above)

Ford – Fiat now owns 52% of the joint venture, Iveco-Ford Truck U.K.

Haveco – Fiat owns one-third of the Chinese transmission maker, which produces 45,000 CV gearboxes annually. Fiat's Naveco JV gets 30,000 of the transmissions. Fiat's equal partners in Haveco are Chinese CV manufacturers Yuejin and Hangzhou.

KRAZ – Fiat's Iveco commercial-vehicle unit has a joint venture to build Iveco Daily and EuroCargo medium-duty CVs at a facility in Kramenchuk, Ukraine. They build about 12,000 CVs annually.

Lancia – Fiat Auto owns Lancia (Italy).

*Maserati - Ferrari has acquired the 50% of Maserati that Fiat owned. Ferrari is owned by Fiat.

Morocco – Fiat has invested $32 million to build 30,000 Uno and Palio cars annually for sale throughout Saharan Africa. Fiat's local partner is Moroccan automaker Somaca.

Motor Sich (Zaporozye) – Fiat has a joint venture with Ukrainian company Motor Sich to produce diesel engines and gear boxes for Iveco-KRAZ.

Nanjing Motor Corp. – The Chinese truckmaker has a 50/50 joint venture with Fiat's Iveco commercial-vehicle unit. Iveco has invested $200 million to produce Iveco Daily medium-duty CVs and 2.5L diesel engines. The joint venture plans to build 60,000 Dailys and 75,000 engines annually.

Naveco (China) – Fiat's 50/50 joint venture with China's Yuejin Motor Corp. produces the Iveco Daily range of medium-duty CVs.

Nizhegorod Motors GAZ – Fiat and GAZ have a joint venture to build up to 150,000 Palio and Marea cars annually in Russia. Investment may total $850 million.

Peugeot – Fiat and Peugeot SA's Sevel joint venture builds minivans in Valenciennes, France, and commercial vehicles in Atessa, Italy.

Premier – India's Premier Automobiles assembles Fiat Unos. The two companies have a joint venture, Fiat Auto India Ltd. (FIAL), to produce up to 100,000 Fiat Palios annually from 1999. FIAL invested $326 million in a new plant to build Palios.

Renault – Fiat and Renault have merged their coach and bus activities and foundry operations.

SAADA – Fiat's new projects with SAADA, the vehicle concern of the Algerian government, are on hold. However, an existing joint venture, Fatia, plans to build Fiat Unos. Fiat holds 36% of the venture with an option to increase to 49%.

*South Africa – Johannesburg Automakers has a license to build 10,000 Unos annually. Fiat Auto began producing its Palio family of vehicles in South Africa in 1999, with targeted output of 30,000. Fiat has designated South Africa its chief development and manufacturing center for right-hand-drive vehicles.

*Tofas – Fiat owns a majority of the Turkish automaker, which builds the Palio, 131 Uno, Tipo and Tempra.

Vietnam – Mekong Corp. is licensed to build 1,000 Fiat Tempras annually. Fiat has a joint venture with Vietnam's Ho Chi Minh Motor and Hanoi Motors to produce 1,000 Iveco Daily CVs annually.

First Auto Works (China)

Volkswagen – VW holds 40% of a joint venture with First Automotive Works, FAW-Volkswagen Automotive Co. in Changchun, China. The VW brand holds 30% and Audi 10% of the JV. FAW-VW builds Golfs, Jettas, engines and transmissions. Under a separate agreement, FAW builds the Audi 200.

Ford Motor Co. (USA)

Aston Martin – (See Ford entry under Aston Martin heading)

Belarus – Ford is partners with the Republic of Belarus and Lada-OMC. The joint venture, Ford Union, began manufacturing Escort cars and Transit vans in the summer of 1997.

China – Ford is a partner, through its Visteon subsidiary, in five component Joint Ventures to manufacture climate control, electronics, glass, plastic and trim products.

DaimlerChrysler – (See Ford entry under DaimlerChrysler)

Fiat – (See Ford entry under Fiat heading)

Ford Lio Ho – Ford owns 70% of Ford Lio Ho (Taiwan).

Jaguar – Ford owns Jaguar (UK).

Jiangling Motors Corp. Ltd. – Ford launched production of the China Transit in December, 1997, with its partner, Jiangling Motor Corp. Ford owns a 20% equity stake in the company. Total capacity at the plant is 60,000 units annually.

*Kia – Ford sold its 9.4% stake in Kia.

*Mahindra & Mahindra – Ford and Mahindra & Mahindra Ltd. have an assembly joint venture in India. Escort production began in 1996, and the joint venture built a new plant to produce a Fiesta-based product beginning in 1999. The IKON was introduced in November 1999. The joint venture is Mahindra Ford India Ltd. Ford also owns 5.8% of Mahindra & Mahindra Ltd.

Malaysia – Ford partners with Sime Darby Group in a vehicle manufacturing joint venture called AMIM Holdings. Total capacity is just under 23,000 units annually.

Mazda – Ford owns 33.4% of Mazda and has several key executives on loan to the Japanese automaker. Ford and Mazda are working together to commonize platforms in a global strategy. Ford owns 50% of the AutoAlliance plant in Flat Rock, Mich., which builds the Mercury Cougar and Mazda 626. The companies are also partners – each holds 45% -- in AutoAlliance (Thailand) Co., Ltd., which began building pickup trucks in 1998. Total capacity is 135,000 units annually (See also Ford entry under DaimlerChrysler heading).

Nissan – Ford and Nissan jointly produce minivans. Nissan provides drivetrains and stamps body panels at its plant in Smyrna, Tenn., and Ford assembles the vehicles in its Avon Lake, Ohio, plant. The companies dissolved their European partnership to produce the Ford Maverick SUV.

**Peugeot – Ford has formed a joint venture with French auto conglomerate PSA Peugeot Citroen to produce diesel engines.

SAMCOR – Ford owns 45% of South Africa automaker SAMCOR.

Vietnam – Ford launched a new assembly operation with partner Song Diesel in November 1997. Ford presently owns 75%. Ford Vietnam Ltd. will produce the Trader medium-duty truck and Transit with capacity of 14,000 units annually, but has the flexibility to expand as market demand grows. Other car and truck models will be considered for addition later.

*Volkswagen – Ford and VW each own 50% of Autoeuropa SA, which builds Ford Galazy, VW Sharan and SEAT Alhambra minivans in Setubal, Portugal. That joint venture ends in 2000, when VW takes sole possession of the plant.

Volvo – Ford owns Volvo.

Fuji Heavy Industries (Subaru) (Japan)

**General Motors – GM is purchasing 20% of Fuji Heavy Industries.

Isuzu – Fuji owns 51% of Subaru-Isuzu Automotive Inc., a U.S. assembly plant. Isuzu holds the rest.

Nissan – Nissan owns 4.23% of Fuji (Japan). The companies plan to share platforms and major components.

Siam Motors Co. Ltd. – Fuji has a joint venture to assemble Leone cars with the Thai company.

Taiwan Vespa Co. Ltd. – Fuji has a joint venture with Taiwan Vespa, TaChing Motor Co. Ltd. TaChing assembles Subaru cars and trucks in Taiwan.

Volvo – Fuji and Volvo have combined their resources to produce a mid-engine sightseeing bus. Fuji also markets Volvo cars through Subaru dealers in Japan.

General Motors Co. (USA)

Adam Opel AG – (See GM entry under Adam Opel AG)

ASC – GM and ASC Inc. formed a 50/50 joint venture to assemble convertible top systems for Chevrolet Cavaliers and Pontiac Sunfires in Lansing, Mich.

CIADEA – GM has increased its stake in its Argentine assembly plant from 80% to 100%. CIADEA no longer has any part of the operation. The unit, General Motors de Argentina SA, builds full-size pickups at a plant in Cordoba, Argentina.

Delta Motor Corp. (South Africa) – GM bought 49% of Delta in December 1997. The company assembles the Opel Corsa and Astra and Isuzu light trucks and commercial vehicles. It also distributes Suzuki and Saab in right-hand-drive cars in southern Africa.

Ecuador – GM owns 41% of Aymesa, which assembles the Opel Corsa. GM also owns 52% of Omnibus Botar, which produces Isuzu trucks and Suzuki cars and trucks.

ELAZ – (See GM entry under ELAZ heading)

**Fuji Heavy Industries – (See GM entry under Fuji Heavy Industries heading)

Holden Ltd. – GM owns Holden (Australia).

Indonesia – GM now owns 100% of its former Indonesian joint venture.

**Honda - GM will buy 100,000 ultra low-emission (ULEV) V6 gasoline engines and automatic transmissions from Honda a year for use in small cars in North America starting in 2002. Honda will buy 20,000 to 40,000 diesel engines a year beginning in 2001 from Isuzu's operations in Poland.

India – GM now owns all of General Motors India, having purchased the 50% stake owned by Hindustan Motors in the previous joint venture. Assembly of Opel Astra cars began in 1996, with Corsa production in 1999.

Isuzu – GM owns 49% of Isuzu (Japan). GM now owns 100% of their former UK joint venture, IBC Vehicles Ltd., which builds commercial vehicles and light trucks. The two have a joint venture, GM Egypt (commercial vehicle manufacturing). GM holds 31%, Isuzu 20%. Another joint venture, Industries Mecaniques Maghrebines (IMM), in Tunisia, assembles Isuzu light commercial vehicles for sale in North Africa. GM holds 11%, Isuzu 4%, Tunisian investors hold the remainder. An Australian joint venture, Isuzu-General Motors Australia Ltd., builds trucks at a Holden plant. GM Kenya, owned 57.5% by GM, 38.5% by the Kenyan government and 4.5% by Itochu, assembles Isuzu light- and medium-duty trucks. GM produces Isuzu Class 3 trucks at Janesville, Wis., and Isuzu Hombre pickups at Shreveport, La.

Jinbei Automobile Co. – GM has 30% equity in a joint venture in Shenyang, China, with Jinbei Automobile Co. called Jinbei GM Automotive Co. for the assembly of GM's S-10 compact pickup truck. It adds production of the Brazilian Crew Cab pickup and Brazilian Blazer SUV.

Kenya – GM holds 57.5% of its Kenyan units, which assembles Isuzus.

Nigeria – GM has a joint venture, GM of Nigeria, which assembles CKD Isuzu pickups and GM-NAO medium-duty trucks in Lagos. GM holds 30%, UAC, 60% and employees 10%.

Renault – GM sells the Renault Trafic van under the Arena name, and the Master van rebadged as the Movano. The companies are jointly developing a new light-commercial vehicle.

*Saab – GM and Investor AB each own 50% of Saab Automobiles AB.

Saturn – A wholly owned company of GM.

Shanghai Automotive Industry Corp. – GM and SAIC have a 50/50 joint venture to build the midsize Buick Regal. The joint venture also builds engines and transmissions.

Suzuki – GM has a 10% equity in Suzuki (Japan). GM also has 50% of CAMI (Canada) in a joint venture with Suzuki. The companies are developing a sub-B car for production in Europe.

Toyota – GM and Toyota have a joint venture, New United Motors Manufacturing Inc. (NUMMI), which assembles cars for sale by both companies and the Tacoma pickup for Toyota. Toyota also sells a rebadged version of the Chevrolet Cavalier in Japan. The companies are cooperating on the development of an electromagnetic induction charging system for electric vehicles. Toyota uses and sells GM Delphi batteries as replacement parts in Japan.

Vauxhall Motors Ltd. – GM owns Vauxhall (UK).

Volvo – Volvo is engaged in a joint venture with GM called Volvo GM Heavy Truck Corp. (Volvo holds 87% of the venture, GM 13%)

Gorkovsky Avtomobilny Zavod (GAZ) (Russia)

Fiat – (See Nizhegorod entry under Fiat heading)

Guangzhou Auto Group Corp. (China)

Dongfeng – (See Guangzhou entry under Dongfeng heading)

Honda – In 1997, Honda and Dongfeng Motor formed a joint venture with Guangzhou Auto Group Corp. to produce Accords. Production began in 1999 with 30,000 units. Honda will provide 50% of the joint venture's $200 million capitalization.

Peugeot – Guangzhou Auto Group Corp. – Guangzhou ended its 12-year collaboration with Peugeot, Guangzhou Peugeot Automobile Co., in 1997. The companies assembled Peugeot 505 cars and 504 pickups. The joint venture's facilities are used by a joint venture of Honda and Dongfeng.

Hindustan Motors (India)

*General Motors – (See Hindustan Motors entry under GM heading)

Hino (Japan)

**Isuzu – Isuzu and Hino will combine their bus operations within three years and explore opportunities to work together on trucks.

Toyota – Toyota owns 20.1% of Hino (Japan). The companies supply each other with vehicles and components.

Holden Ltd. (Australia)

General Motors – (See Holden Ltd., entry under General Motors heading)

Honda Motor Co. Ltd. (Japan)

Atlas Group – Honda and Pakistan's Atlas Group will build Civics and Cities in Lahore, Pakistan

DaimlerChrysler – (See Honda entry under DaimlerChrysler)

Daewoo – (See Honda entry under Daewoo heading)

*Dongfeng Motors – (See Honda entry under Dongfeng)

Guangzhou Auto – (See Honda entry under Guangzhou)

Isuzu – Isuzu supplies Honda with SUVs for sale as Honda and Acura models in exchange for passenger cars built by Honda.

**Isuzu – (See Honda entry under GM heading)

Mazda – Honda, Mazda, Mitsubishi, Nissan and Toyota teamed up to develop a computer network for parts orders. The five automakers are supporting an effort to design a network that can be used to standardize and exchange design and development data.

Mitsubishi – Honda joined the trading company, Mitsubishi Corp, and two companies in the Philippines (Ayala and Rizal) to produce passenger cars there in the joint venture, Honda Cars Philippines, Inc. Honda holds 47%, Mitsubishi holds 23% and Ayala Corp. and Rizal Commercial Banking Corp. each hold 15% (see also Mazda entry under Honda heading).

Nissan – (See Mazda heading under Honda heading)

Rover – Honda no longer owns any stock in Rover. Rover will not base any future vehicles on Honda platforms.

San Yang Industry – American Honda Motor Co. Inc. owns 12.5% of San Yang Industry, which assembles Honda Civics and Accords in Taiwan.

Siel Ltd. – Honda plans a joint venture to build Cities with Siel in India. The joint venture, Honda Siel Cars Ltd., builds 10,000 Civics and Cities annually. Production will later rise to 30,000, some for export.

Toyota – (See Mazda entry under Toyota heading)

Turkey – Honda and Anadolu Industry Holding, a Turkish financial group, formed a joint venture to produce 10,000 passenger cars in 1998. Production will be raised to 30,000 units, some for export.

Vietnam - Honda Vietnam a 70/30 joint venture with Vietnam Engine and Agricultural Machinery Corp., which plans to build motorcycles with output starting at 200,000 a year and reaching 450,000 in 2005.

Hyundai Motor Co. Ltd. (South Korea)

Kia – Hyundai bought 51% of Kia and took management responsibility in 1998.

Malaysia – Hyundai formed a joint venture called INOKOM with the Malaysian government, Hyumal Motor and Berjaya Group to produce 10,000 trucks a year. Hyundai and Malaysia will own 30% each while Hyumal, a Hyundai sales subsidiary, and Berjaya will each own 20%.

Mitsubishi – Mitsubishi owns 12.63% of Hyundai Motor.

Philippines – Hyundai and Italcar Pilipinas Inc. contract to produce 2,000 cars in the Philippines initially on a complete knock-down basis with a capacity of 12,000 cars a year.

Turkey – Hyundai and the Assan Group of Turkey formed a joint venture to produce 50,000 units in 1998 and 100,000 in 2002.

Isuzu Motors Ltd. (Japan)

Fuji – (See Isuzu entry under Fuji Heavy Industries heading)

General Motors – (See Isuzu entry under General Motors)

**Honda – (See Isuzu entry under Honda heading and Honda entry under GM heading)

Hino – (See Hino entry under Isuzu heading)

Jiangxi Automobile and Qing Ling Industry – Isuzu has a joint-venture commercial vehicle plant with the Jiangxi Automobile Factory and Qing Ling Industry in China.

Mazda – Isuzu and Mazda each hold equity in an engine company in Thailand.

ISH (Russia)
No major ties.

Jaguar plc (UK)

Ford – (See Jaguar entry under Ford heading)

Jiangxi Automobile Factory (China)

Isuzu and Qing Ling – (See Jiangxi Automobile and Qing Ling Industry entry under Isuzu heading)

Jilin Automotive (China)
No major ties.

Jinbei Automobile Co. (China)

General Motors – (See Jinbei Automobile Co. entry under General Motors heading)

Kia Motors Corp. (South Korea)

*Ford – (See Kia entry under Ford heading)

Hyundai – (See Kia entry under Hyundai heading)

Indonesia – Kia, PT Timor Putra Nasional and PT Indauda have a joint venture to build cars in Cikampek, West Java. Engine and transmission production began in 1995. Assembly of Sephia cars began in 1997. Initial capacity is 50,000 units annually, rising to 100,000 in 2000.

Mazda – (See Kia entry under Ford heading)

Pakistan – Kia Motors plans to export 10,000 Pride and Ceres CKD kits for assembly by Naya Daur Motors Ltd. of Pakistan in 1997.

Lamborghini S.p.A. (Italy)

Volkswagen – VW bought Lamborghini in 1998.

Lancia (Italy)

Fiat – (See Lancia entry under Fiat heading)

Liuzhou Automobile Industry (China)
No major ties.

LogoVAZ (Russia)

AvtoVAZ – (See LogoVAZ entry under AvtoVAZ heading)

Lotus (UK)
No major ties

Mahindra & Mahindra Ltd. (India)

Ford – (See M&M entry under Ford heading)

Nissan – Nissan owns 0.24% of M&M.

Peugeot – Peugeot holds 4.7% of M&M.

Maruti Udyog Ltd. (India)

Suzuki – Suzuki holds 50% of Maruti Udyog, an assembly joint venture with the Indian government. Maruti is India's largest automaker.

Maserati, Officine Alfieri, S.p.A. (Italy)

**Ferrari – (See Maserati entry under Ferrari heading)

*Fiat – (See Maserati entry under Fiat and Ferrari heading)

Mazda Motor Corp. (Japan)

DaimlerChrysler – (See Mazda entry under DaimlerChrysler)

Ford – (See Mazda entry under Ford heading)

Honda – (See Mazda entry under Honda heading)

Isuzu – (See Mazda entry under Isuzu heading)

Kia – (See Kia entry under Ford heading)

Mitsubishi – (See Mazda entry under Honda heading)

Nissan – (See Mazda entry under Honda heading)

Peugeot – Peugeot will supply 50,000 HDI diesel engines to Mazda.

Suzuki – Suzuki supplies Mazda with vehicles for sale in Japan. Suzuki and Mazda jointly assemble minicars.

Toyota – (See Mazda entry under Toyota heading)

Mercedes-Benz AG (Germany)
(See DaimlerChrysler

Mitsubishi Motors Corp. (Japan)

China Motor – (See Mitsubishi entry under China Motor)

DaimlerChrysler – (See Mitsubishi entry under DaimlerChrysler)

Diamond-Star Motors – Diamond-Star no longer exists. Mitsubishi owns 100% of the U.S. assembly plant, which it renamed Mitsubishi Motors Manufacturing of America Inc.

Honda – (See Mitsubishi and Mazda entries under Honda)

Hyundai – (See Mitsubishi entry under Hyundai heading)

Mazda – (See Mazda entry under Honda heading)

Nissan – (See Mazda entry under Honda heading)

Proton – Mitsubishi owns 30% of the Malaysian automaker.

Vietnam – Mitsubishi, Proton and the Vietnamese government in 1995 established an equally owned joint venture to build 5,000 Mitsubishi minibuses by 1998 and 12,000 annually thereafter.

Toyota – (See Mazda entry under Honda heading)

Volvo – Mitsubishi's Dutch joint venture, Nederland Car BV, began assembling cars for MMC and Volvo in 1995. MMC, Volvo and the Dutch government own stakes in Nedcar.

Nissan Motor Co. Ltd. (Japan)

Ford - (See Nissan entry under Ford heading)

Fuji - (See Nissan entry under Fuji heading)

Honda - (See Mazda entry under Honda heading)

**Isuzu - Nissan has a mutual OEM supply agreement for commercial vehicles with Isuzu.

Mazda - (See Mazda entry under Honda heading) Mazda has a mutual OEM supply agreement with Nissan for commercial vehicles.

Mitsubishi - (See Mazda entry under Honda heading)

Nissan - (See Mazda entry under Honda heading

Nissan Motor Philippines - Nissan owns 23% of Nissan Motor Philippines Inc.

Renault - Renault purchased 36.8% of Nissan Motor for $5.4 billion in 1999.

*Samsung – Nissan was providing Samsung with technology and components to build V-6 engines and a car.

Siam Motors and Nissan Co. (SNA) - Siam Motors and Nissan Co. (SNA) in Thailand is 25% owned by Nissan. Nissan also owns 25% of Siam Nissan Automobile Co. Ltd., which was formerly known as Siam Automotive Industry.

Tan Chong Motor Holdings BHD. – Nissan owns 5.6% of Tan Chong Motor Holdings Bhd. of Malaysia.

Thai Automotive Industry – Nissan owns 35% of Thai Automotive Industry Co., Ltd. of Thailand.

Toyota – (See Mazda entry under Honda heading)

Yulon – Nissan owns 25% of Yulon Motor Co. Ltd. (Taiwan).

Oltcit (Romania)

Daewoo – (See Oltcit entry under Daewoo heading)

Peugeot SA (France)

Cukurova Holding – Peugeot and Cukurova Holding, a Turkish diversified industrial group, have a joint venture to build Peugeot and Citroen cars in Turkey.

DaimlerChrysler – (See Peugeot entry under DaimlerChrysler)

Dongfeng Motor Corp. – Second Automobile Works has changed its name to Dongfeng. Citroen and Dongfeng have a joint venture (Aeolus-Citroen China) to build small cars in China.

Fiat – (See Peugeot entry under Fiat heading)

**Ford – (See Peugeot entry under Ford heading)

Guangzhou Auto Group Corp. – Guangzhou ended its 12-year collaboration with Peugeot, Guangzhou Peugeot Automobile Co., in 1997. The companies assembled Peugeot 505 cars and 504 pickups.

**Iran – Peugeot and the Iranian company, Irankhodro, signed an agreement for production in Iran of up to 120,000 Peugeot 206 cars per year.

Mahindra & Mahindra – (See Peugeot entry under M&M)

Proton – Citroen and Proton formed a joint venture, USPD, to build a car in Malaysia.

Renault – Peugeot and Renault own two subsidiaries: Francais Mecanique, which produces engines, and Societe de Transmission Automatiques, which makes mechanical components. Renault and PSA developed and launched a common gearbox in 1997 and a common V-6 engine in 1996.

*Sevel Argentina – Peugeot completed its offer to buy most of the remaining shares in Sevel Argentina SA (E.SVL) it didn't already own. In a filing with the Buenos Aires Stock Exchange, Peugeot said it purchased 120.6 million Class C shares out of a total of 130.1 million, bringing its holding in the local carmaker to 99.57%, with 99.68% of voting rights.

Suzuki – Suzuki markets Peugeot cars in Japan.

Porsche AG (Germany)

Harley-Davidson – Porsche and Harley-Davidson have a $10 million joint venture to build motorcycle engine parts. Harley holds 51%.

Volkswagen – VW and Porsche will jointly develop and share production of a sport-utility vehicle.

Premier Automobiles (India)

Fiat – (See Premier entry under Fiat heading)

Proton (Perusdahaan Otomobil National Berhad) (Malaysia)

Citroen – (See Proton entry under Fiat heading)

Lotus – Proton owns 80% of Group Lotus.

Mitsubishi – (See Proton entry under Mitsubishi heading)

Qing Ling Industry (China)

Jiangxi Automobile and Isuzu – (See Jiangxi Automobile and Qing Ling Industry entry under Isuzu)

Renault SA (France)

China – Sanjiang Space Group and Renault have a joint venture called Sanjiang Renault Automotive to produce 40,000 Trafic vans annually in China.

Daewoo – (See Renault entry under Daewoo heading)

Fiat – (See Renault entry under Daewoo heading)

Fiat – (See Renault entry under Fiat heading)

General Motors – (See Renault entry under GM heading)

Mack Truck – Renault owns Mack Truck.

Malaysia – The Malaysian company Inokom builds the Renault Trafic van.

Matra – The Renault Espace minivan is produced by Renault and Matra. The companies are developing a new vehicle for production and sale in 2000.

**Mexico – Renault will spend $400 million over seven years to re-enter the North American market through Mexico where Nissan has two plants. Nissan and Renault will develop a new car for Mexico.

Moscow – Renault and the city of Moscow split ownership of OAO Avtoframos, which will produce the Renault Megane Classic car in Russia.

**Nissan – Renault purchased 36.8% of Nissan Motor for $5.4 billion.

Peugeot – (See Renault entry under Peugeot heading)

Rover – Renault and Rover have a venture called Van Technology Ltd.

Swedish Motors – Volvo owns 56%, Swedish Motors owns 24% and Renault owns 20% of Thai-Swedish Assembly Co. Ltd., which produces Volvo and Renault cars and Chrysler Jeeps in Bangkok, Thailand.

Toyota – Renault and Toyota produce Renault 9, 19 and Clio cars and Toyota 4wd trucks in the SOFAS joint venture in Columbia. Renault owns 23.7%, Toyota 17.5%, Mitsui & Co. 7.5% and a Colombian company holds the remainder.

Volvo – Volvo and Renault exchange engines and gearboxes.

Rolls Royce Motors Ltd. (UK)

BMW – (See BMW heading)

Volkswagen – VW bought Rolls-Royce Motor Cars Ltd. in 1998. It will manufacture Rolls and Bentley cars using BMW powertrains until 2003 when BMW takes over the Rolls brand. VW will then launch an all-new generation of Bentley cars.

Rover Group (UK)

BMW – BMW owns Rover.

Bulgaria – Rover has a 51% stake in a joint venture with the Daru group in to assemble 10,000 CKD cars annually.

Honda – (See Rover entry under Honda heading)

Renault – (See Rover entry under Renault heading)

Saab-Scania AB (Sweden)

General Motors – (See Saab entry under General Motors)

SAADA (Algeria)

Fiat – (See SAADA entry under Fiat heading)

Samsung (South Korea)

Daewoo – (See Samsung entry under Daewoo heading)

Nissan – (See Samsung entry under Nissan heading)

San Yang (Taiwan)

Honda – (See San Yang entry under Honda heading)

SEAT (Spain)

Suzuki – SEAT and Suzuki canceled their plan to jointly develop and build a minicar.

Volkswagen – VW owns 100% of the Spanish automaker.

Second Automobile Works (China)

Citroen – (See Dongfeng Motor Corp. entry under Peugeot heading)

Shanghai Tractor and Automobile Corp. (China)

Volkswagen – VW owns 50% of the Shanghai-Volkswagen Auto Co. Ltd., a joint venture with Shanghai Tractor and Auto Co. to produce Santana Sedans, Santana 2000 and Variant vans. VW plans to build an engine plant and boost car capacity to 300,000 units.

Siam Motors (Thailand)

Nissan – (See Siam Motors entry under the Nissan heading)

Skoda (Czech Republic)

Volkswagen – VW owns 70% of Skoda.

Steyr-Daimler-Puch (Austria)

DaimlerChrysler – (See Steyr-Daimler-Puch entry under DaimlerChrysler heading)

Daewoo – (See Steyr-Daimler-Puch entry under the Daewoo heading)

Swedish Motors Corp. (Sweden)

Volvo – (See Swedish Motors Corp. entry under Renault heading)

Suzuki Motor Company (Japan)

Chang'an Automobile – (See Suzuki entry under Chang"an Automobile heading)

*General Motors – (See Suzuki entry under General Motors heading)

*Magyar Suzuki – Suzuki holds 88.6% of Magyar Suzuki, which assembles subcompact cars.

Maruti Udyog – (See Suzuki entry under Maruti Udyog heading)

Mazda – (See Suzuki entry under Mazda heading)

Peugeot – (See Suzuki entry under Peugeot heading)

*Santana Motor - Suzuki no longer has a capital investment in Santana.

SEAT – (See Suzuki entry under SEAT heading)

Ta Ching (Taiwan)

Fuji – (See Taiwan Vespa entry under Fuji heading)

Telco (India)

DaimlerChrysler – (See India entry under DaimlerChrysler)

Tianjin Automobile Industrial Corp. (China)

Daihatsu – (See Tianjin entry under Daihatsu heading)

Toyota Motor Corp. (Japan)

Daewoo – (See Toyota entry under Daewoo heading)

Daihatsu – (See Toyota entry under Daihatsu heading)

General Motors – (See Toyota entry under General Motors)

Honda – (See Mazda entry under Honda heading0

Hino – (See Toyota entry under Hino heading)

Kirloskar Group (India) – Toyota and Kirloskar's JV, Toyota Kirloskar Motor Ltd. began producing 10-passenger vans in 1999. Output is targeted at 20,000 to 30,000 units annually, but could reach 50,000.

Mazda – (See Mazda entry under Honda heading)

Mitsubishi – (See Mazda entry under Honda heading)

Nissan – (See Mazda entry under Honda heading)

Renault – (See Toyota entry under Renault heading)

Volkswagen – Toyota and VW build the Hilux pickup truck in Hanover, Germany.

Tvornica Automobila Sarajevo (TAS) (Yugoslavia)

Volkswagen – Tvornica Automobila Sarjevo (TAS) in Yugoslavia is 50% owned by VW.

UNIS (Croatia)

Volkswagen – VW's Czech unit, Skoda Auto, began assembling its most popular model, the Felicia, in Sarajevo. Annual output should reach 5,000 to 10,000 in the next few years. The company will employ about 1,200 people. Volkswagen owns 58% of the new company, called Volkswagen Sarajevo, while UNIS Holding, a Bosnian company owns the rest.

Vauxhall Motors Ltd. (UK)

General Motors – (See Vauxhall entry under General Motors)

Volkswagen AG (Germany)

Audi – (See Volkswagen entry under Audi heading)

BAZ – (See Volkswagen entry under Bratislavske Automobilove Zavody heading)

Chinfon global Corp. (Taiwan) – VW and Chinfon have a joint venture, Chinchun Motor Co. Ltd., assembly T4 Transporter and Caravelle vans. VW holds 33.3% of the joint venture, global 66.6%. Capacity is 30,000 units annually.

DaimlerChrysler – (See Volkswagen entry under Lamborghini)

Porsche – VW and Porsche will jointly develop and share production of a sport-utility vehicle.

First Automotive Works – (See Volkswagen entry under First Automotive Works heading)

Ford – (See Volkswagen entry under Ford heading)

India – VW and the Eicher group have a joint venture to build cars in India.

Lamborghini – (See Volkswagen entry under Lamborghini)

Porsche – VW and Porsche will jointly develop and share production of a sport-utility vehicle

Rolls-Royce – VW bought Rolls-Royce Motor Cars Ltd. in 1998. It will manufacture Rolls and Bentley cars using BMW powertrains until 2003 when BMW takes over the Rolls brand. VW will then launch an all-new generation of Bentley cars.

SEAT – (See Volkswagen entry under SEAT heading)

Shanghai Auto – (See Volkswagen entry under Shanghai Tractor and Automobile Corp. heading)

Skoda – (See Volkswagen entry under Skoda heading)

TAS – (See Volkswagen entry under Tvornica Automobila Sarajevo heading)

Tarpan – VW owns 51% of VW Poznan, a joint venture with Tarpan, which inherited the facilities of Polish truckmaker FSR. It builds Transporter vans and Skoda Felicia cars at the plant.

Toyota – (See Volkswagen entry under Toyota heading)

UNIS – (See Volkswagen entry under UNIS heading)

Volvo AB (Sweden)

DaimlerChrysler – (See Renault entry under DaimlerChrysler)

Ford – (See Volvo entry under Ford)

Fuji – (See Volvo entry under Fuji Heavy Industries)

General Motors – (See Volvo entry under General Motors)

Mitsubishi – (See Volvo entry under Mitsubishi heading)

Renault – (See Swedish Motors entry under Renault)

**Scania – Volvo owns 13% of Swedish truckmaker Scania.

Yancheng Automobile (China)

Honda – (See Yancheng entry under Honda heading)

Yulon Motor Co. Ltd. (Taiwan)

Nissan – (See Yulon entry under Nissan heading)

Zaporozhsky Avtomobilny Zavod (ZAZ) (Russia)
No major ties.


10 posted on 03/18/2003 12:42:18 PM PST by Willie Green (Go Pat Go!!!)
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To: sourcery
As though the government woudln't bail them out....sheesh.
11 posted on 03/18/2003 12:43:40 PM PST by Petronski (I'm not always cranky.)
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Comment #12 Removed by Moderator

To: sourcery
I did not read all the FACTS this man presents, but he said Nissan is a por second to Toyota. I wonder where he puts HOnda. Then he forgets that the Tauras seems to be in the top three or four cars sold and that Fords truck and SUV business piles the cash into the company, so what is wrong has something do do not with sales or market share.

I'd say that this kind of thinking could rank up next to my weather man.

13 posted on 03/18/2003 1:01:39 PM PST by q_an_a
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To: uncitizen
Unions are taking out another of America's oldest corporations (the entire industry for that matter).

Thats an old song that needs new words..the number of union workers in the auto labor force is most likely at the lowest point ever ...could be the lack of good paying industrial jobs is the reason new car sales have dropped off..those Mexicans working for $5 a day certainly can not buy what they build..nore can the Chinese prison labor..

14 posted on 03/18/2003 1:05:23 PM PST by RnMomof7
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To: sourcery
Oddly enough, success in the automobile industry is determined by producing cars people want to buy -- and buyers are not always completely rational. Chrystler was bailed out, but had the good fortune to get a CEO who saw the marketing trend. I can't think of a Ford product I would buy. Heck, I have trouble thinking of a Ford product, other than its trucks.
15 posted on 03/18/2003 1:07:20 PM PST by js1138
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To: RnMomof7
To enhance my previous comment for your benefit, i'd say that union wages have an effect beyond simply their own industry. They drive up wages on white collar work.

For instance, an educated electrical engineer is not gonna sit back and let an uneducated auto worker make more than he does. For that reason, engineering salaries go up.
16 posted on 03/18/2003 1:17:29 PM PST by uncitizen (hostile freepers need not reply)
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To: sourcery
Nonsense. Consider the source.

(The Bear's Lair is a weekly column which is intended to appear each Monday, an appropriately gloomy day of the week. Its rationale is that, in the long '90's boom, the proportion of "sell" recommendations put out by Wall Street houses declined from 9 percent of all research reports to 1 percent, and has only modestly rebounded since. Accordingly, investors have an excess of positive information and very little negative information. The column thus takes the ursine view of life and the market, in the hope that it may be usefully different from what investors see elsewhere.)
17 posted on 03/18/2003 1:35:53 PM PST by smalltown
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To: js1138
I can't think of a Ford product I would buy.

No quality Fords since the 1930-1954 era IMO. A surprising number of Fords still survive from this period. From 1955 on Fords were (are) low quality. They have suffered from the same problems as Chrysler, weak engineering and design.

Chrysler almost went under in 1954, but was saved when a group of engineers and designers "quit" GM and were hired by Chrysler. Once the crises was past, those who wanted to returned to GM, were "rehired."

Car stories are interesting. However, glad I'm not in that business today. Way too much production capacity. I suspect there will be some sort of shakeout, but doubt Ford will go under. Chrysler is a better candidate to just sort of trail off. Mercedes isn't going to carry that mess forever. Just my opinion.

18 posted on 03/18/2003 1:57:31 PM PST by toddst
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To: Willie Green
Willie, that's an astounding list of who has a piece of what in the global automotive network of producers. Good grief! As I said earlier, there is worldwide overcapacity and it appears to be getting worse. Amazing. Where does it end?
19 posted on 03/18/2003 2:01:39 PM PST by toddst
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To: uncitizen
For instance, an educated electrical engineer is not gonna sit back and let an uneducated auto worker make more than he does. For that reason, engineering salaries go up.

Yep a rising tide lifts all boats..when the unions are all gone we can return to the $1.00 an hour minimum wage and an engineer making $20,000

It will be interesting to see how they will pay for the $250 thousand dollar homes and $50,000 SUV's

20 posted on 03/18/2003 2:21:09 PM PST by RnMomof7
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To: RnMomof7
If you're being sarcastic, you know we have a rule about that here ;)

Otherwise yes, that is the situation that unions have put us in.
21 posted on 03/18/2003 2:24:11 PM PST by uncitizen (hostile freepers need not reply)
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To: Willie Green
The annual revenues of these transnational corporations exceeds the GDP of many developed nations. As such, their financial influence corruptly distorts and dictates national policies to the detriment of citizens those governments supposedly represent.

Willie, this is called serious trouble.

Most frightening are Ford's financial statements, in particular its balance sheet. At December 31, 2002, the company had only $5.6 billion of stockholders' equity, compared with $162 billion of debt. Of course, this includes the financing activities of Ford Credit, so the balance sheet is partly that of a bank. Even so, a decline in stockholders equity from $18.6 billion in 2000 to $5.6 billion in 2002 suggests that all is far from well, and that the company's financial flexibility is extremely limited.

Ford is on the ropes and it looks like in the not too distant future, you will be able to post the Mother of all Layoff threads.

22 posted on 03/18/2003 2:39:31 PM PST by Ditto (You are free to form your own opinions, but not your own facts.)
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To: toddst; Willie Green
Where does it end?

I thought it never would. (Maybe next time a brief excerpt, with a simple link to the rest of it, would suffice?)

23 posted on 03/18/2003 2:42:55 PM PST by newgeezer (We learn by trail and errror. :-)
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To: uncitizen
I worry alot about the younger families and how they will deal with real estate deflation and morgages for the pre deflation costs..
24 posted on 03/18/2003 2:54:04 PM PST by RnMomof7
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To: RnMomof7
I don't think we're there yet. We've got 10-15 years left til meltdown.
25 posted on 03/18/2003 2:58:03 PM PST by uncitizen (hostile freepers need not reply)
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To: sourcery
My wife wants us to buy one of these:

But I'm Buying American this time around.

26 posted on 03/18/2003 3:03:49 PM PST by P.O.E. (God Bless and keep safe our troops.)
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To: Hatteras
Just bought a ragtop 2003 Cobra. I will never buy a German Chrysler
27 posted on 03/18/2003 3:05:05 PM PST by oldironsides
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To: bigfootbob
Look what the teachers union has done the the education complex in America. The strongest union in America is the government workers union, be afraid.

In Michigan there are more members of the teachers union than there are members of the UAW. Forbes wrote about this a few years ago.



28 posted on 03/18/2003 3:05:49 PM PST by dennisw ( http://www.littlegreenfootballs.com/weblog/weblog.php)
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To: newgeezer; toddst
(Maybe next time a brief excerpt, with a simple link to the rest of it, would suffice?)

I wish I could.
Unfortunately, it is no longer available online at the original source Automotive Industries, and what I have is what I managed to salvage from a Google cache.

What I'd really like is a source for more current 2003 information.
I'm still looking, but I haven't come across anything yet.

29 posted on 03/18/2003 3:07:53 PM PST by Willie Green (Go Pat Go!!!)
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To: Ditto
compared with $162 billion of debt.

Heck Ditto. Ford's debt is about the same as its annual revenue.
That puts them in a helluva lot more solid financial footing than the federal government, and that doesn't seem to phase Dubya or the bushbots one iota.

30 posted on 03/18/2003 3:16:38 PM PST by Willie Green (Go Pat Go!!!)
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To: uncitizen
Unions are taking out another of America's oldest corporations (the entire industry for that matter).

Normally I like to blame unions for companies problems, but Ford brought this upon itself. GM is competing even with the high union costs.

First problem that Ford has a poor concept of customer service. About two years ago the vice president of Ford quit because, the customer service department wasn't allowed to inform engineering of any customer complaints. According to this vice president the rationale for this, was that Ford didn't want to risk having to issue recalls based on customer complaints.

Piss, poor engineering. I should admit I am a bit biased against Ford, because I had to recently trade in my 98 Ford Contour, because of mechanical problems that would cost three or four thousand dollars to fix. I had this car for five years. (Prior to this I had two other Ford vehicles, and I didn't have to many problems with them.) About every six months I would get a new recall notice for something that needed to be replaced on this vehicle. I think I was up to 6 or 7 recalls on this vehicle. In addition, this doesn't include the items on the vehicle that I had to be replaced for free, because Ford extended the warrenty on certain parts. (I wish they would have told me of all of the warrenty extentions, because after I traded in my car I found out from a friend that the struts would be replaced for free.)

Ford needs to reign their dealers in. When I was shopping for a new vehicle, I thought I would see what Ford was offering. After walking into the showroom I thought I was going to get raped by the sales person. He put so much pressure on me, that afterwards I had to go home and take a shower becuase I felt slimy. The Chevy dealership where I ended up buying my car, I felt more relaxed and confortable there. And they were about $2000 cheaper then the Ford dealer for similar vehicles (Escort ZX-2 verses a Cavalier.)

After these experiences with Ford I will never ever set foot on a Ford lot again. As far as I am concerned if Ford goes out of business, I wouldn't shed any tears. I fact, if Ford declares bankruptcy it might be a good thing, becuase it would end Ford legacy costs, union contracts, and I think new management would be a good thing.

31 posted on 03/18/2003 3:19:13 PM PST by cpprfld
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To: RnMomof7
If it weren't for unions you wouldn't have $50 000 SUVs
32 posted on 03/18/2003 3:23:19 PM PST by Dat
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To: cpprfld
You've got some good points there. However, i'm a cynical FReeper and became suspicious with the ongoing barage of recalls of Ford and Firestone tires. It was beginning to look like Ford was being targeted.

Once Ford is brought down, who do you suppose will buy the company at rock bottom prices?
33 posted on 03/18/2003 3:29:11 PM PST by uncitizen (hostile freepers need not reply)
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To: Ditto
Ford is on the ropes and it looks like in the not too distant future, you will be able to post the Mother of all Layoff threads.

You're spreading too much doom and gloom, Ditto.
What's the worst that can happen?
Ford goes bankrupt, screwing current stockholders who've invested their retirment funds.
But China will buy the assets for pennies on the dollar and keep the factories open.
It should make the liberatarian free traders very happy.

34 posted on 03/18/2003 3:34:04 PM PST by Willie Green (Go Pat Go!!!)
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To: uncitizen
For instance, an educated electrical engineer is not gonna sit back and let an uneducated auto worker make more than he does.

Then the educated superior one has the same motive as the uneducated inferior one ---they both want more money. I'm not pro-union but why should a CEO be able to demand $1 million or more a year and it's okay but a union worker shouldn't ask for $30,000 a year? It's not like anyone is the owner, only stockholders are the owners ---how do CEOs get by with their outrageous salaries?

35 posted on 03/18/2003 3:35:27 PM PST by FITZ
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To: uncitizen
Once Ford is brought down, who do you suppose will buy the company at rock bottom prices?

China.

36 posted on 03/18/2003 3:35:29 PM PST by Willie Green (Go Pat Go!!!)
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To: uncitizen
The f*cking unions are un-American, despite their wrapping themselves in the Flag. 'Course, better not let Willie Green hear us say that...
37 posted on 03/18/2003 3:36:43 PM PST by dinodino
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To: uncitizen
Once Ford is brought down, who do you suppose will buy the company at rock bottom prices?

I'll only buy stock in a company where the union workers are making $30,000 a year and the CEO makes 3 times that much.

38 posted on 03/18/2003 3:37:07 PM PST by FITZ
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To: dinodino
HAHA, Holy Cow, Willie's already here. Figures.
39 posted on 03/18/2003 3:38:38 PM PST by dinodino
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To: FITZ
Well you'll need to check into Japanese auto companies then.

Maybe GM/Daimler Chrysler will be the one to buy Ford.
40 posted on 03/18/2003 3:39:28 PM PST by uncitizen (hostile freepers need not reply)
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To: Dat
If it weren't for unions you wouldn't have $50 000 SUVs

There were unions in the 70's when the cars cost $5000 new. Unions that got a wage earner enough to live middle class on one income ---back then that wasn't so outrageous to have the father be the only one making money supporting a wife and more than 2 kids, a home and all that which has become more difficult today with two wage earners.

41 posted on 03/18/2003 3:39:53 PM PST by FITZ
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To: P.O.E.
Buy one of those lil jobbers, and some big rig will have ya stuck in his grille!
42 posted on 03/18/2003 3:42:04 PM PST by ATCNavyRetiree
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To: sourcery
Ford's problem is that the CEO is a leftist wacko. It was doing pretty good until he took over. Leftists ruin businesses. See Loral and Time-Warner.
43 posted on 03/18/2003 3:44:01 PM PST by Dog Gone
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To: js1138
I can't think of a Ford product I would buy.

Me either. In addition to the fact that their trucks have been butt ugly for the past several years, I've now had so many bad experiences with Ford products that I'll probably never buy another one. They have a multitude of problems. Unions are a nasty boil on the butts of virtually everything they touch, but in addition to that, Ford management at the executive level is also atrocious. I had serious problems that they were utterly uninterested in. Write letters to top officials and never get so much as a kiss-my-butt form letter in return. A company can only ignore its customers for so long. Then they won't have those customers.

MM

44 posted on 03/18/2003 3:46:55 PM PST by MississippiMan
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To: Hatteras
Oh I know.. I had an 87 hardtop.

Loved that car. 85 mph was midway through third gear.

..and it was a 5 speed.

45 posted on 03/18/2003 3:47:56 PM PST by Jhoffa_ (Yes, there is sexual tension between Sammy & Frodo.)
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To: FITZ
Then the educated superior one has the same motive as the uneducated inferior one ---they both want more money. I'm not pro-union but why should a CEO be able to demand $1 million or more a year and it's okay but a union worker shouldn't ask for $30,000 a year? It's not like anyone is the owner, only stockholders are the owners ---how do CEOs get by with their outrageous salaries?

Even the least trained of union workers makes more than $30K. That barely the value of their benefits. My uncles job was to light a furnace in a steel mill. He used to sleep on the job and get paid over $100K. Never graduated high school.

OTOH, i'm very close to someone who is a CEO. He doesn't sleep on the job. He barely sleeps at all. He has a tremendous responsibility and a great deal of stress. The managers all come to him with their problems which he has to solve, the board is pressuring him to do things their way instead of the way he knows things should be done, the investors are counting on him to not lose their money but make their money grow. And the man has no time for his family as he works 6 days a week, sometimes 7. I am beginning to understand why CEO's are paid so much.
46 posted on 03/18/2003 3:53:56 PM PST by uncitizen (hostile freepers need not reply)
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To: sourcery
Too many heated adjectives in the article. I don't trust the expertise of people who feel they need hot rhetoric to make a point.
47 posted on 03/18/2003 3:58:01 PM PST by gcruse (When choosing between two evils, pick the one you haven't tried yet.)
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To: js1138
Oddly enough, success in the automobile industry is determined by producing cars people want to buy -- and buyers are not always completely rational. Chrystler was bailed out, but had the good fortune to get a CEO who saw the marketing trend. I can't think of a Ford product I would buy. Heck, I have trouble thinking of a Ford product, other than its trucks.

Yes, buyers determine the success of a car company and style plays as big a part as anything in that decision (along with past experience). Chrysler makes some beautiful cars and trucks, though the ties to Germany are too strong for me in light of recent UN events. GM still makes some fine-looking cars, but someone got loose in the design department with a great big ugly-stick. I'm sorry if this is offensive to anybody, but the Aztek has got to be about the ugliest car on the road today.

As for Ford, well, I have one - an Explorer. I like their trucks and the Mustang is fine. I'm not fond of their attempt to make their SUV's more car-like of late. C'mon, what is independent rear suspension doing on an SUV? I'd prefer they put solid axles and stiffer springs on them and sell them for their intended purpose. I also don't understand the styling of small wagons like the Focus (and a few others) - maybe I'm getting old, but I think they look silly.

Sorry if I swayed off topic, but I think my rantings illustrate the silly things that go through our minds when we look for a car.

48 posted on 03/18/2003 4:01:32 PM PST by meyer
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To: q_an_a
Ford makes junk cars and the Taurus is a real POJ (Piece of Junk!). I just rented a new one and it had the worst suspension and driveability that it scared me.
49 posted on 03/18/2003 4:01:53 PM PST by Paulus Invictus
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To: uncitizen
The managers all come to him with their problems which he has to solve,

That's the idiot's own fault for surrounding himself with incompetent suckups.

50 posted on 03/18/2003 4:03:44 PM PST by Willie Green (Go Pat Go!!!)
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