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SALES - USA - Perfect time for Detroit's automakers to exports to the Old Continent
Detroit,USA -The Detroit News,by Christine Tierney -8,Feb,2005: -- During the past two years, the euro has risen by 30 percent against the dollar, reducing the value of revenues generated in the United States for European automakers... most European automakers hedged at least part of their dollar exposure. But the U.S. currency's persistent weakness - despite a recent up tick - means the Europeans can no longer fully protect themselves... Analysts estimate the foreign exchange shifts will cost Germany's auto industry close to $2 billion this year... this would seem the perfect time for Detroit's automakers to step up exports to the Old Continent... Because of the dollar's decline against the euro, Mercedes-Benz has postponed plans to introduce the B-Class in the U.S... General Motors Corp. has ambitious plans for Cadillac in Europe... But Detroit's automakers may find themselves handicapped by obstacles as much beyond their control as the vagaries of the currency markets... Recent polls suggest that a wave of anti-American sentiment sweeping over Europe may be hurting U.S. brands...
http://www.detnews.com/2005/insiders/0502/13/C01-83235.htm
posted by Unknown @ 11:53 AM
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