Toyota's chairman is urging Japanese car companies to consider raising prices or finding some other way to give ailing US rivals General Motors and Ford a boost to head off the potential of a protectionist backlash in the crucial North American market.
Toyota Motor Corp chairman Hiroshi Okuda was quoted by Japanese media yesterday as saying the plight of General Motors Corp and Ford Motor Co could result in problems for Toyota and other foreign carmakers.
"I'm concerned about the current situation surrounding GM. Although a trade conflict, like ones happened in the past, may be avoided, there may be some impact [on Japan's car industry] because the car industry is symbolic in the US economy," Okuda was quoted as saying by the Japanese daily Asahi Shimbun.
Okuda told reporters on Monday that Japan's auto industry must consider a response, such as raising car prices in the US and cooperating in technology.
"We need to give some time for American companies to take a breath," Okuda was quoted as saying by the Nihon Keizai Shimbun, Japan's biggest business daily.
A Toyota spokeswoman on yesterday confirmed those quotes, but added that the company has no plans to raise its prices on US models.
Speaking on condition of anonymity, she also noted that Okuda was speaking in his capacity as the head of the key Japanese business lobby Keidanren.
Toyota and other Japanese automakers were the target of US workers' outrage in the 1980s. The Japanese were accused of robbing jobs from American workers and market share from US automakers.
Such sentiments have since subsided because Toyota and other Japanese automakers increasingly produce cars in the US, creating jobs for thousands of Americans.
But Okuda's comments appeared to be an attempt to stave off any possible backlash. His remarks also suggests that he sees American automakers as needing help to compete with Japan's car companies.
Last week, General Motors reported a loss of US$1.1 billion for the January-March quarter, its biggest quarterly loss in more than a decade, partly because the Detroit automaker has been losing US market share to Asian automakers.
While faring better than GM, Dearborn, Michigan-based Ford is also losing market share and says it could sink into losses or break even in the second quarter.
Toyota, based in Toyota city in central Japan, has already beaten Ford to become the No. 2 automaker in global vehicle sales. Some analysts believe it's just a matter of time before it catches up with GM, the world's biggest automaker.
Other Japanese auto firms are also reporting good performances.
On Monday, Nissan Motor Co posted record profits for the fiscal year ended March 31 with US vehicle sales surging 18 percent from a year ago.
Honda Motor Co reported a 5 percent increase in fiscal year profit yesterday as sales climbed to a record for the fourth straight year.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
COVETED PRIZE: The US president would be a peace prize laureate should he persuade Xi Jinping to abandon military aggression against Taiwan, William Lai said US President Donald Trump should get the Nobel Peace Prize should he be able to convince Chinese President Xi Jinping (習近平) to abandon the use of force against Taiwan, President William Lai (賴清德) told a conservative US radio show and podcast in an interview. The US is Taiwan’s most important international backer, despite the absence of formal ties, but since Trump took office earlier this year he has not announced any new arms sales to the nation. Trump could meet Xi at the APEC summit in South Korea on Oct. 31 and Nov. 1. Lai, speaking on The Clay Travis and Buck Sexton
A Chinese takeover of Taiwan would severely threaten the national security of the US, Japan, the Philippines and other nations, while global economic losses could reach US$10 trillion, National Security Council Deputy Secretary-General Lin Fei-fan (林飛帆) wrote in an article published yesterday in Foreign Affairs. “The future of Taiwan is not merely a regional concern; it is a test of whether the international order can withstand the pressure of authoritarian expansionism,” Lin wrote in the article titled “Taiwan’s Plan for Peace Through Strength — How Investments in Resilience Can Deter Beijing.” Chinese President Xi Jinping’s (習近平) intent to take Taiwan by force
RSS