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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: TH who wrote (37119)	9/14/2005 11:03:03 AM
From: PAST	Read Replies (2) \| Respond to of 116555

... and German Auto Mfg executives say "No Problem!" >>Cheap Chinese cars rattle industry giants' nerves Wed Sep 14, 2005 7:42 AM ET166 By Jane Barrett FRANKFURT (Reuters) - City cars that cost $4,000? SUVs that retail at 15,000 euros? The Chinese are coming and global car giants are biting their nails. Many U.S. and European companies have linked up with Chinese groups to make cars for what is now the world's third-largest auto market. But now the inevitable second phase is beginning -- cheap exports are starting to seep out of China. In July, the first Chinese-made sport-utility vehicles (SUVs) went on sale in Europe at about half the price of their nearest rivals. Another two Chinese carmakers are showing at the Frankfurt car show, testing the water for future sales. Industry executives said Chinese carmakers had reached the level that Japanese groups were at 30 years ago and the Koreans 15 years ago, before they went on to knock holes in the home markets of U.S. and European manufacturers. "I just warn everyone not to take this lightly. The third wave is coming inexorably toward us and we have to be prepared for it," said Wolfgang Bernhard, head of the Volkswagen brand. But executives still doubt how fast the Chinese will make inroads into major markets and how successful they will be....<< More at link: today.reuters.com