http://www.1stsubarudealer.com/subaru-united-states/
Japanese vehicle exports to the United States rose 13.7 percent during the first six months of 2007, giving new reason to Detroit automakers which claim their Asian rivals are benefiting from the watery yen.
Japanese imports increased by 135,498 autos through June 30, while sales of America-built vehicles from Japanese automakers rose only by two percent. One reason for such an increase is that Japanese automakers do not make some models here, including famed models like the Toyota Prius hybrid.
“This is a huge disadvantage for American automakers and costing a lot of Michigan auto jobs,” said U.S. Rep. Joe Knollenberg, R-Troy, who is sending his constituents a government-paid mailing that features pictures of Japanese autos stamped with the words “Unfair Yen Subsidy.”
A weak yen makes Japanese exports to the U.S. less pricey and American imports to Japan more expensive. Domestic automakers say that it amounts to a $4,000 to $10,000 subsidy on Japanese vehicles sold here. “The yen is clearly undervalued and that is certainly having an impact on where Japanese automakers choose to build some of their vehicles,” said Peter Morici, a professor of business at the University of Maryland.
The Japanese government denies it is manipulating the value of the yen, and Japanese automakers say that they are committed to building vehicles in the United States.
“No one is increasing production in the United States as fast as we are,” said Martha Voss, a Toyota Motor spokeswoman. The automaker is increasing production capacity by 600,000 vehicles by 2010. Toyota does not make decisions on where to build its vehicles based on currency values, she said.
At the Honda Motor Co., 76.3 percent of its U.S. sales through June were vehicles built in North America, down by nearly one percent over the same period in 2006. “We don’t make production decisions based on the valuation of the yen,” said Edward Cohen, Honda’s vice president for government and industry relations. He said that the automaker is building a factory in Indiana that will boost Honda’s U.S. production by 200,000 vehicles.
Two-thirds of the country’s $88 billion trade deficit with Japan in the previous year was auto-related, in large part because of the 2.4 million vehicles imported. According to estimates by U.S. automakers and lawmakers, imports could reach a nearly 20-year-high this year.
The Detroit automakers’ slice of the American auto market dived to just over 50 percent in June, while Japanese automakers continue to report gains. The CEOs of Detroit’s automakers have raised the issue in talks but with little progress.
In the last few weeks, bills have been introduced in Congress, while lawmakers have had several hearings on currency issues involving Japan, China and Korea.
In April, Detroit automakers launched a web site, autoyensubsidy.org, to tout their efforts, and formed the Automotive Trade Policy Council. “With today’s artificially weak yen, Japanese automakers are boosting plant capacity back home even as domestic auto sales in Japan continue to bottom out,” Stephen J. Collins, the council’s president, said last Wednesday. “Patience in the U.S. with Japan’s mercantilist approach to solving its economic problems is wearing thin.”
The General Motors Corp. has told its suppliers it should have operations in China, and it is the largest automaker in China. The Subaru fog light could illuminate the blurring sales in the territory. Additionally, the Ford Motor Co. Executive Chairman Bill Ford Jr. said in October that the Dearborn automaker would buy between $2.5 billion and $3 billion in auto parts in China, up from $1.6 billion.
Knollenberg said that there is a difference between China and Japan. “China lets the domestic manufacturers produce and sell in China,” he said. “Japan is essentially a closed market.”
About the Author:
Anthony Fontanelle is a 35-year-old automotive buff who grew up in the Windy City. He does freelance work for an automotive magazine when he is not busy customizing cars in his shop.
Article Source: ArticlesBase.com – Japan Vehicle Exports Rise; Critics Blame Watery Yen
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