By Oliver Heneric, Georg Licht, Wolfgang Sofka
The car is a big pillar of the trendy worldwide economic system and considered one of Europe’s key industries. There can not often be any doubt concerning the vital position of this region as an engine for employment, progress and innovation in Europe, and there are the most important demanding situations and possibilities forward. The authors make clear a huge diversity of concerns – globalisation and restructuring, exchange and international direct funding, innovation, law, and coverage – and placed a distinct specialise in the recent member states. whereas switch will be inevitable, growth isn't. This publication shall function a map to all stakeholders: enterprise executives and coverage makers, traders and scholars.
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Additional resources for Europe’s Automotive Industry on the Move: Competitiveness in a Changing World
Sample text
Their development is more or less continuous. General Motors, DaimlerChrysler and Ford did have some more problems to manage the situation which ended in pacing up and down. This development is not really mirrored by the output figures in Table 8. Fig. 8. Earnings before interest, taxes, depreciation and amortisation (EBITDA) by the top ten automotive manufacturers in 1995-2006, in USD mn 25,000 20,000 DaimlerChrysler Ford Motor General Motors 15,000 Honda Hyundai Motor Nissan Motor Peugeot 10,000 Renault Toyota Motor Volkswagen 5,000 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 e 2005 e 2006 e Source: ZEW calculation using annual reports and financial statements; estimates after 2003.
This does also hold when specifically applied to the automotive industry. Based on panel data from the Japanese automobile industry Head and Ries (2001) find net complementarity between trade and FDI. Trade in intermediate inputs as well as exports from supplying firms facilitate this connection. Beyond this argument of an internationally embedded value chain, different stages in the individual product life cycle might also require different internationalisation strategies. This concept put forward initially by Vernon (1966) states that the uncertainty associated with new products requires closer customer interaction in production which could best be accomplished by on-site operations and hence foreign direct investment.
GM took over the Mexican distribution of Fiat and Alfa Romeo in 2003 and started to assemble cars in Thailand. Fiat is involved in a joint venture with Ford in the UK where they build commercial vehicles together with Iveco Ford Truck Ltd. Both companies have a share of 48%. A second joint venture concerning the commercial vehicle sector is built up with GAZ, to cover the Russian market. As a result, Fiat is also involved in a joint venture with the Russian manufacturer AvtoVAZ. The object of production is the assembly of drive propulsion systems.
