GM and the Automobile Market:
Context
Clay Carroll
Saira Gillani
Elysha Shipley
Andrea Young
Demographics
Demographics
•
US population
• Racial Percentages
• Baby Boomers
• Generation Y
•
World population
• Current Leaders
• Future Population Leaders
US Population1
US Population1
US Population1
Racial Population Percentages3
•
As of 2000 Census (major groups):
•
69 percent “White” (slowest growing)
•
13 percent “Hispanic” (fastest growing)
•
12 percent “Black”
•
4 percent “Asian or Pacific Islander”
The Biggest Targets:
Baby Boomers4
•
•
•
•
•
•
•
•
•
Own more than 70% of U.S. financial assets
Control 70% of U.S. households
Purchase 61% of all new cars and 48% of all luxury cars
Account for more than $2 trillion in income
More than 79% own homes
Use more traditional forms of shopping
More inclined to purchase American brand names
Buying cars they wanted in their youth but could not afford (i.e. Muscle
cars)
Larger portion of this market will be female as they grow older.
The Biggest Targets:
Generation Y5
•
•
•
•
•
Technology is a foundation of their education (reading, writing,
arithmetic, and point-n-click).
More diverse than any previous US Generation in race and household
structure (i.e. single parents, etc.)
Now entering high spending years of early adulthood
Internet is the main channel of media, information, and
communication.
Views direct marketing aimed at them negatively due to growing up
with marketing saturation.
World Population1
World Population1
Current Top Ten Countries by
Population2
•
•
•
•
•
•
•
•
•
•
China
India
United States
Indonesia
Brazil
Pakistan
Russia
Bangladesh
Nigeria
Japan
1,300,000,000
1,087,000,000
294,000,000
219,000,000
179,000,000
159,000,000
144,000,000
141,000,000
137,000,000
128,000,000
Future Top Ten Countries by Population
(2050)2
•
•
•
•
•
•
•
•
•
•
India
China
United States
Indonesia
Nigeria
Pakistan
Bangladesh
Brazil
Congo, Dem. Rep. of
Ethiopia
1,628,000,000
1,437,000,000
420,000,000
308,000,000
307,000,000
295,000,000
280,000,000
221,000,000
181,000,000
173,000,000
Population Data
•
•
•
•
•
The World’s Population is Growing at a decreasing rate
Third world countries are experiencing the most rapid
growth
US is more Diverse than ever before with the minority
population growing at a rapid rate
India will soon pass China as the worlds most populated
country
The African Continent has many countries with high
populations that are growing
Sociocultural Trends
What Americans Want10
Percentage of Market by Vehicle
Minivan
Wagons
Pickup
Car
Full-sized van
SUV
Hybrid
Type of Vehicle
Minivan
Wagons
Pickup
Car
Full-sized van
SUV
Hybrid
Percentage of Market
7
3
19
44
2
25
1
Market Implications10
• Despite the hype, only 1% of the American market
sought a hybrid vehicle in 2005. The hybrids are
not expected to have a double digit market share
unless fossil fuel runs out.
• SUVs are still a quarter of the U.S. market. The
new trend in SUV’s is modest size. SUV’s are
being downsized to deliver more fuel efficiency
while still offering space and comfort. Examples
are the H3 Hummer and the Honda Pilot.
Opinions On Reliability11
• In general, Americans perceive American-made
automobiles as having lower quality and less
reliability.
• In 2004, American cars outperformed European cars
in a Consumer Reports reliability study-- American
brands: 18 problems per 100, European brands: 20
problems per 100.
• BUT Japanese and Korean cars were reported to
have only 12 problems per 100.
Most Reliable Automobiles
Consumer Reports' Predictions for Most Reliable 2006 Models12
•
•
•
Small cars
– Honda Civic
– Toyota Prius
– Honda Civic Hybrid
– Toyota Corolla
– Subaru Impreza
Sporty cars
– Honda S2000
– Mazda MX-5
– Lexus SC 430
– Chevrolet Monte Carlo
Sedans
– Lexus GS 300
– Infiniti M35/M45
– Lexus IS 300
– Honda Accord Hybrid
– Toyota Camry
– Honda Accord (four-cylinder)
– Lexus LS 430
*italics denote GM brand
•
•
•
•
•
Wagons
– Toyota Matrix
Small SUV’s
– Toyota RAV4
– Honda CR-V
– Honda Element
– Subaru Forester
– Mercury Mariner
– Mitsubishi Outlander
Midsize SUV’s
– Lexus RX 400h
– Toyota Highlander
– Toyota 4Runner
– Infinity FX35
Large SUV’s
– Toyota Land Cruiser
Pickups
– Honda Ridgeline
– Toyota Tundra
Safety13
• Safety is becoming more important to car-buyers.
This trend began to see a large uptick with the
Ford Explorer and Firestone tire problems.
• Experts name the following as being associated
with a safe brand: Volvo, BMW, Lincoln, Saab,
Honda, and Subaru.
• But, safety is becoming a top priority for all
manufacturers.
*italics denote GM brand
Safety: Examples of 2006 SUV 5-Star Crash
Test Ratings As Determined by NHTSA14
SUV
BWM X5 4DR w/ SAB
Buick Rendezvou s 4DR
Cadilac Escalade SRX 4DR
Chevrolet Equinox 4DR
Ford Escape 4DR
Hond a Ele ment 4DR
Nissan Pathfinde r 4DR
Toyota Highlande r 4DR
*italics denotes GM brand
Frontal St ar Rating
Driver
Passenger
5
3
4
5
4
5
4
5
5
4
4
5
4
5
4
5
Side St ar Rating
Front
Rear
4
SAFETY CONCERN
5
5
5
5
5
5
5
5
5
5
5
SAFETY CONC ERN
5
5
Safety vs. Design15
• So, what is more important to consumers: design
or safety?
– According to a Consumer Reports survey, the
top ten features desired in a new vehicle are
generally related to comfort, convenience, and
entertainment. This is significant for GM
because foreign-made vehicles are typically
perceived as more stylish and comfortable than
American-made vehicles.
Features: Design vs. Safety15
1. Air conditioning
2. AM/FM radio
3. CD player
4. Antilock braking system
(ABS)
5. Cruise control
6. Power door locks
7. Full-sized spare tire
8. Anti-theft system
9. Power outside mirrors
10. Keyless entry with
remote
11. Side air bags
12. Traction control
13. Curtain air bags
14. Tilt or tilt/telescopic
steering wheel
15. Power-adjustable seats
16. Brake-assist system
17. Four-wheel drive/allwheel drive
18. Rear-seat side air bags
19. Active head restraints
20. Electronic stability
control (ESC)
Considered very
important
Present in
most-recently-purchased
new car
Desired
in next
new vehicle
87%
74
64
63
93%
90
61
77
73%
68
65
65
59
55
48
48
47
44
83
80
49
46
68
59
67
70
60
54
63
64
40
37
35
33
23
33
10
73
57
42
50
60
31
29
27
47
23
27
56
28
38
27
26
26
8
23
16
38
39
35
The Profile of Daily Commuting in
America16
• Personal
Vehicle:
91%
• Public Transit:
5%
• Walking:
3%
A Look at Transit Trends 17,18,19
• About 1 in 5 families have 3 or more cars, despite flat
income trends.
• The average driver spends about 62 hours a year stuck in
traffic.
• More workers are opting out of carpools and mass transit,
but the number of people working from home is
increasing.
• Water buses/taxis and ferries are a new trend in public
transit in places like Seattle, Boston, and Fort Lauderdale,
but more tourists than locals use them.
Implications
• There are very few places in the United States that contain
comprehensive, seamless mass transit systems. In most
cases, commuters must have access to a vehicle to get to
the public transit.
• Most cities in the United States are designed in a sprawling
manner. Though exercise trends are up, these areas are
impractical to navigate on foot or by bicycle.
• Thus, until these factors change, the need for vehicles will
remain.
Economic Environment
The Current State of the Economy27
• The Federal Open Market Committee decided on November
1st to raise its target for the federal funds rate by 25 basis
points to four percent.
• Elevated energy prices and hurricane-related disruptions in
economic activity have temporarily depressed output and
employment.
• Monetary policy accommodation (i.e. Federal Reserve
actions), coupled with robust underlying growth in
productivity, is providing ongoing support to economic
activity that will likely be augmented by planned rebuilding in
the hurricane-affected areas.
• The cumulative rise in energy and other costs have the
potential to add to inflation pressures; however, core inflation
has been relatively low in recent months and longer-term
inflation expectations remain contained.
What is the Federal Funds rate now?27
Federal Funds Rate History27
Economic Overview of the Auto
Industry28
• Higher interest rates ahead
• Flat demand
• The Big Three’s (GM, Ford,
DaimlerChrysler) shares of the US market
fell to record low of 60.1% last year
• 2005 US car and light truck sales should
total 16.6 million vehicles compared to 16.7
vehicles in 2004
Economic Overview (cont’d)28
• Profits are down due to incentive wars.
• Higher steel prices have added about $500
to the cost of an automobile.
• Financing divisions are profitable.
Global Economy29
• Auto sales continue to rise on a global level.
• Auto purchases in China should exceed five
million by the end of the decade.
• China will emerge as the world’s second largest
auto market.
Global Light-Vehicle Production Forecast:
North America vs. China29
(millions of units)
18
16
14
12
10
China
N America
8
6
4
2
0
2002
2003
2004
2005
2006
2007
2008
Interest rates
•
•
•
Interest rates have been rising for the past two
years
History has shown that when interest rates rise the
demand for borrowing will decrease
The automobile Industry relies heavily on sales
through financing since most people can not afford
to pay cash for an automobile
Trends in Inflation23
Seasonally Adjusted Changes from Preceeding Month
Category
Mar. Apr. May June July Aug. Sept.
All Items
0.6 0.5 -0.1 0.0 0.5 0.5 1.2
Transportation 1.9 1.8 -1.0 -0.1 1.5 2.2 5.1
Transportation costs increased 5.1% from August to September, while
the price of all consumer goods only increased 1.2%. Transportation
inflation has risen sharply since June. Transportation costs include new
and used vehicles, gasoline, parts and equipment, maintenance and
repair, and public as well as private transportation.
Inflation30
• The Federal Reserve Bank is always concerned with inflation
of the nation’s currency.
• “Inflation Targeting” is a policy of announcing what you're
going to do, and then doing it.
• If the incoming Fed chairman, Ben S. Bernanke, has his way,
monetary policy will depend much less on the force of will,
keen economic insights, and other exceptional qualities of the
Fed's chief.
• Instead, Bernanke will move the Fed toward clear and
coherent rules for hitting publicly announced inflation targets - an operating style that he calls "constrained discretion."
How does “Inflation Targeting” work?30
• The central bank chooses and publicizes a target goal for the
inflation rate -- say, 2% a year.
• The bank then publicly estimates how high it expects inflation
to be in the coming year. It steers monetary policy to try to hit
the target inflation rate.
• If inflation is getting above the target, the bank would
ordinarily raise interest rates to cool the economy and bring
inflation back down.
• If inflation gets too low, the bank would lower rates to juice up
growth, raising inflation.
The Effect So Far….30
• For now, the choice of Bernanke to lead the Fed has
not altered the outlooks for either the economy or Fed
policy.
• The financial markets still expect the Fed's target
federal funds rate to reach at least 4.25% by spring.
• Based on the expectations implied in the market for
interest-rate futures, investors continue to believe the
funds rate has a high probability of reaching 4.5% by
April.
Inflation Targeting and Auto Sales31
• Inflation fears have eased.
• A slow down in consumer spending and sluggish
growth contributed to lower sales in the 2nd quarter
of 2004.
• Consumers spent 5.5 times their normal share of
gasoline spending in the 2nd quarter.
• The scrappage rate of old vehicles has slowed.
High Fuel Prices Contribute to
Industry Shifts32
• High fuel prices cause industry shifts to smaller
cars.
• There is a low cost of entry into the compact car
segment.
• Small car sales are up 9.5% for the first nine
months of 2005 compared to 2004.
Gas Prices 35,40
Gas Prices and Production
• The United States is heavily dependent on oil, and
much of the world’s supply of crude oil is located
in the Middle East.
• The United States has created a national reserve of
gasoline, but in times of natural disaster, such as
the gas shortages after Hurricane Katrina, the U.S.
becomes heavily dependent on other nations’
ability to produce and refine oil.
• As a consequence, prices are often tied to the
policies of OPEC nations.
Crude Oil Production36
GM and Industry Shifts32
• GM will rely on its subsidiary,
Daewood, to design and
produce subcompacts.
• Daewood has the advantage of
minimal prduct development
costs and available plant
capacity.
• GM sold 55,225 Chevrolet
Aveos through September
2005. Up 44% over last year.
October Sales33
• New car sales dropped 33% the first nine days of
October.
• GM sales were down 57%.
• Automakers such as Ford and GM are reluctant to
launch sales incentives.
• Industry officials feel that Hurricane Katrina is to
blame for high fuel prices and slow sales.
Technology
Technology: From Real to Surreal20
Current Technology and Who Has It21
•
•
•
•
•
Blind-Spot Detection: an alarm or warning light deploys when a vehicle is in your blindspot (2005 Volvo S60 and V70).
Lane Departure Warning: a camera tracks road markings and sets off an alarm if the car
drifts (several 2005 Infinities; 2005 Mercury concept car).
Stability Control: sensors monitor brake pressure, tire and steering-wheel rotation, and
other operations to determine if control is being lost. If so, the system automatically
applies brake pressure (Toyota 4Runner, Ford Explorer, Jaguars, and all GM models by
2006).
Airbags: a system adjusts the size and pressure of the bag, based on severity of the crash,
the seat’s location, and whether the passenger is wearing a seatbelt (2006 Buick Lucerne,
Cadillac DTS).
High-Tech Headlights:
– Lights swivel around corners at speeds exceeding 10 km/h (2005 Audi A6).
– Lights brighten or dim based on levels of oncoming traffic (2005 Cadillac STS).
– Night View technology illuminates everything up to 150 m ahead of you and projects
the image onto the windshield (2005 Lexus LX 470).
Internet vs. Dealerships9
•
•
•
•
The dealerships are having to deal with their customers like the never
have before due to the internet giving customers what they never had
before--INFORMATION
2/3’s (and growing) of Consumers in the market for an automobile will
use the internet for research.
Now the dealers can not build value by simply telling customers the
features of the car. By the time the customer has arrived at the
dealership, they have already compared prices, incentives, features,
and options.
The customer is more prepared to shop around and it is very easy to do
now because of the internet
Wouk and the Hybrid41
•Victor Wouk developed the first
Hybrid car for GM in a 1972
Buick Skylark model.
•The hybrid has since become a
sought-after technology among car
manufacturers due to rising fuel
prices and increased consumer
environmental awareness.
•The hybrid technology consists of
a gasoline fuel source and an
electric fuel source. There are
several modifications on the
market today.
Fuel Cell Technology37
• A fuel cell is an electrochemical device that produces electricity by
separating fuel (generally hydrogen gas) with a catalyst.
• Protons flow through a membrane and combine with oxygen to form
water; electrons flow to create electricity.
• A fuel cell is composed of a piece of plastic between a few pieces of
carbon plates that are sandwiched between two end plates acting as
electrodes. These plates have channels that distribute the fuel and
oxygen.
• Since it converts the fuel, hydrogen, and oxygen directly to electrical
energy, the only by-products are heat and water. Without combustion,
fuel cells are virtually pollution free.
Fuel Cell Development34
• California, Florida and New York will spend millions in
the next five years to test electric automobiles powered by
hydrogen fuel cells and to build a network of hydrogen
fueling stations.
• The goals are to:
• reduce air pollution.
• counter soaring gas prices.
• become leaders in the effort to build affordable
hydorgen-powered cars.
Hands-Free Technology 6,7,8
•
•
•
15 States have Bills Pending to Ban the use of
Hand Held Devices in automobiles while driving
Companies are developing Voice automated
systems that use a Voice-Activated Interface to use
wireless Multi-Media and Communication
Devices
These Devices will revolutionize the Car Driving
Experience
Hands-Free Technology 7,8
•
These devices will allow Drivers to:
•
•
•
•
•
•
Access and Manage personal Information
Access the Internet
Get Traffic and Directional information
Use their Cell Phone
Access news and Weather information
Download Streams of Audio and Video Content
Regulatory Environment
Hands-Free Legislation: Will It Affect
What Consumers Want?6
Federal Regulation: The Clean Air Act42
• The Clean Air Act regulates air emissions from area, stationary, and
mobile sources. This law authorizies the U.S. Environmental
Protection Agency to establish National Ambient Air Quality Standards
(NAAQS) to protect public health and the environment.
• The goal of the Act was to set and achieve NAAQS in every state by
1975. The Act was amended in 1977 primarily to set new goals (dates)
for achieving attainment of NAAQS since many areas of the country
had failed to meet the deadlines.
• The 1990 amendments to the Clean Air Act in large part were intended
to meet unaddressed or insufficiently addressed problems such as acid
rain, ground-level ozone, stratospheric ozone depletion, and air toxics.
UAW: A Significant Influence on
Regulation43
• The International Union of the United Auto Workers
(UAW) has approximately 620,000 active members and
over 500,000 retired members in the United States, Canada
and Puerto Rico.
• In Washington and state capitols, the UAW is fighting for
better schools for kids, secure health care and pensions for
retirees, clean air and water, tougher workplace health and
safety standards, stronger worker's compensation and
unemployment insurance laws and fairer taxes.
UAW’s Power Over Benefits44
UAW’s GM Negotions:
UAW’s Ford Negotions:
Natural Environment
The Greenhouse Effect and Global Warming22
The greenhouse effect is responsible
for the earth’s current climate and
weather. It keeps the planet at a
habitable level. However, when
concentrations of greenhouse gases
increase, problems occur that lead to
global warming. The biggest
implication is the resultant increasing
of overall global temperature. In
turn, this leads to the melting of polar
ice caps, rising sea levels, increased
evaporation, decreased soil viability,
increased quantities of rainfall, and
increased intensity of storms. Each
of these factors can affect all species
and their ways of life.
Temperature Over Time22
If global warming
continues at the current
rate, the average global
surface temperature could
rise 1-4.5 degrees F in the
next fifty years, and 2.210 degrees F in the next
century, with significant
regional variation.
Use of Fossil Fuel: Exploiting Nature?22
• The burning of fossil fuels by automobiles and other
sources have caused increasing methane and nitrous oxide
concentrations. The carbon dioxide level alone has
increased about 30% since the industrial revolution.
• If emissions control policies are not tightened, by the year
2100 carbon dioxide concentrations are projected to be 30150% higher than today’s levels. The impacts of this
increase could be disastrous in terms of global warming
and its consequences.
Methane39
• Methane losses occur during the production, processing, storage,
transmission, and distribution of natural gas.
• Because gas is often found together with oil, the production,
refinement, transportation, and storage of crude oil is also a source of
methane emissions.
• It is estimated that 60% of global methane emissions are related to
human-related activities
Mass Transit and Helping the
Environment38
• A study conducted by the American Public Transit Association found
that in 2001 alone, public transportation use in the Atlanta area saved
19.3 million gallons of gasoline and kept more than 300 million
pounds of pollutants out of the air.
• The Metropolitan Atlanta Rapid Transit Authority (MARTA) is
Atlanta's state-of-the-art public transportation system.
• MARTA costs $1.75 for a one-way fare.
GM SWOT Analysis
Strengths24
• GM has many divisions under its umbrella, most of which are
associated with strong brand recognition.
• GM has led global industry sales since 1931.
• Manufacturing operations are carried out in 32 countries, and GM
vehicles are sold in 200 countries.
• For four consecutive years, GM has set industry sales records in the
U.S.
• GM is the majority shareholder in GM Daewoo of South Korea.
• GM has developed several partnerships around the world:
– Technology collaborations with DaimlerChrysler, BMW, and Toyota
– Vehicle manufacturing ventures with Toyota, Suzuki, Shanghai
Automotive Industry Corp, AVTOVAZ, and Renault
Weaknesses25
• Accounting practices are proving to be an internal problem for
GM.
• GM is trailing behind competitors in innovation, especially
relating to fuel-efficient vehicles and cosmetic appeal.
• GM has a significant challenge in terms of paying for pensions
and employee health care costs.
• In comparison to competitors GM has a weak ROA, ROE, OM,
and stock return.
• Union regulations keep GM from making personnel changes
that could better the position of the company.
Opportunities
• The rising price of fuel can create an opportunity to produce and sell
more fuel-efficient cars.
• New global markets are emerging (i.e. China, India) and will be
important to the future of all car manufacturers.
• Safety is becoming increasingly important to the consumer; investing
in augmentation of the safety profile of their vehicles can be an
opportunity for GM.
• Many consumers are still looking for products that are “Made in the
USA.”
Threats26
•
•
•
•
•
•
Prices of gas may cause some consumers to switch to mass transit and/or buy
fewer SUV’s.
The expense of the American work-force (i.e. pensions, healthcare, higher
wages) will necessitate higher cost of goods sold.
The Federal Reserve has increased rates twelve consecutive times since June
2004, and economists are predicting at least three more increases. This will
negatively impact borrowing and buying trends for vehicles.
Inflation for transportation has risen sharply since June, and will be a threat to
car manufacturers, as consumers will bear the brunt of price increases.
Japanese and Korean car-makers are leaders in creating cars with fewer
mechanical problems
Japanese and European car-makers are leaders in designing upscale luxury
cars.
References
1.
2.
3.
4.
5.
US Census and World Population Data., 2000.,
www.census.gov
Top Ten Countries by Population
http://www.prb.org/pdf04/04WorldDataSheet Eng.pdf
Race and Hispanic Data, March 13, 2001, AP release.,
http://cnnstudentnews.cnn.com/2001/fyi/news/03/13/hispani
c.census/
Akers, Karen., More Boom For Your Buck., Winter 2001.,
http://www.logomall.com/imprintPM/issues/winter2001/Features4.htm
Generation Y., Nueborne, Ellen., February 1999.,
http://www.businessweek.com/1999/99_07/b3616001.htm
References
6. Hands-free legislation., Map 2004.,
http://www.headsetzone.com/nylegislation.html
7. Hands free, Phone-Or Press Release., Feb. 28, 2000.,
http://www.phone-or.com/nwPrRel2.asp?RelID=5
8. Hands free technology., Newsfactor: Los Angeles Newsroom.,
October 12, 2000.,
http://www.wirelessnewsfactor.com/story.xhtml?story_id=
5255
9. Internet vs. Dealerships., Lohr, Steve., Just Googling It Has
Companies A Bit Unsettled ., November 05, 2005.,
http://articles.news.aol.com/business/article.adp?id=200511051
45309990002&_mpc=business.10.1&cid=403
References
10. Naughton, K. and Raymond, J. Hybrid Nation? Nope.Σ Newsweek. 10 Oct. 2005,
Vol. 146, Issue 15.
11.
merican CarsΡ Reli abili ty Versus Desireabili ty.Σ Edmunds.com. 02 Apr. 2004
http://www.ed munds.com/news/column/carmudge on/101636/article.html.
12. Carty, S. Japanese Brands Show ΤNicksΥ.Σ USA Today. 26 Oct. 2005
http://www.usa today.com/money/autos/2005-10-26-consumer-reports-usat_x.htm#.
13. Karolefski, J. Crash Course in Auto Branding.Σ BrandChannel.com. 21 Apr. 2003
http://www. brandchannel.com/features_effect.asp?pf_id=154.
14. Search for 2006 SUV.Σ Safecar.gov. 10 Nov. 2005.
15. 20 Most-Important Car Features. Σ ConsumerReports.org. Oct. 2005
http://www.c onsumerreports.org/cro/cars/new-cars/are-consumers-sacrifi cing-safety-forcomf ort-1005/mostim portant-car-features. htm.
16. Comm uters Love Their Cars.Σ USA Today. 13 Nov. 2003.
References
17. Nasser, H. and Overberg, P.
USA Today. 27 Aug. 2004.
mericans Hang on to Bigger , Better Lifestyles.Σ
18. Knecht, B. Mass Transportation to Get Sleek and Daring.Σ Architectural Record.
Jun. 2004, Vol. 192, Issue 6.
19. Sharp, D. Transit Tries to Take a Load Off Roads.Σ USA Today. 12 Apr. 2002.
20. Hiemstra, G. Driving in 2020: Comm uting Meets Computing.Σ Futurist.
Sept./Oct. 2000, Vol. 34, Issue 5.
21. Intini, J. Safe Can Be Sexy.Σ MacleanΥs. 28 Feb 2005, Vol. 118, Issue 9.
22. Clim ate.Σ United States Enviornmental Protection Agency.
http:// yosemi te.epa.gov/oar/globalwarmi ng.nsf/content/Clim ate.html .
23. Consumer Price Index: September 2005.Σ United States Department o f Labor:
Bureau of Labor Statistics.
References
24. Company Profile.Σ GM.com. 14 Nov. 2005
http://www.g m.com/company/corp_info/profil es/.
25. Friend, C., Harjati, E., Staffey, V.
Overview.Σ
utomi ble Manufacturing Industry: Competitors
26. Crutsinger, M.
ed Expected to Keep Raising Rates.Σ Yahoo News. 2 Nov. 2005
http:// news.yahoo.com/s/ap/fed_interest_rates;_ylt=Alx8nQOYM.EG5ViLf0VrQynAlak
A;_ylu=X3 oDMTBiMW04NW9mBHNlYwMlJVRPUCUl.
References
27.
http://money.cnn.com/2005/11/01/news/economy/fed_statement/index.htm?section
=money_latest
28.
Kerwin, Kathleen and Welch, David. Borrowing from the Future. Business Week, January 10,
2005. Issue 3915
29.
Miel, Rhoda. Experts expect automotive sales to rise. Plastics News, January 12, 2004. Issue
45, Volume 15.
30.
CMO Private Placement Letter. Auto sales emerge as economy’s soft patch. September 27,
2004. Volume 22, Issue 37.
31.
Peter, Coy. What's the Fuss Over Inflation Targeting? Business Week. November, 7, 2005, Issue
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32.
Johnson, Richard. Industry shifts to smaller cars. Automotive News. October 24, 2005. Volume
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LaReau, Jamie. Ford, GM sales screech to a halt. Automotive News. October 17, 2005. Volume
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34.
Kenworthy, Tom. States get into the driver’s seat of fuel-cell development. USA Today. April
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References
35. American Gas Cost:
http://upload.wikimedia.org/wikipedia/en/thumb/0/0d/
Gas_Prices_Medium_Term.png/300pxGas_Prices_Medium_Term.png
36. Figure 1.1 Energy Overview:
http://www.eia.doe.gov/emeu/aer/pdf/pages/sec1_4.pdf
37. Fuel Cell Technology Showcase:
http://www.sae.org/fuelcells/fuelcells.htm
38. MARTA: http://www.itsmarta.com
39. Methane: http://www.epa.gov/methane/sources.html
40. Mobile Gas Price:
http://news.nationalgeographic.com/news/2005/08/imag
es/050830_gas_prices.jpg
References
41. Goodstein, J. “Godfather of the Hybrid.”
Engineering and Science. 2004.
42. “Clean Air Act.” Environmental Protection Agency. 18
Oct. 2005
http://www.epa.gov/region5/defs/html/caa.htm.
43. “Who We Are.” UAW.
http://www.uaw.org/about/uawmembership.html.
44. “Auto Contracts.” UAW.
http://www.uaw.org/contracts/index.cfm.