U.S. Chief Executive Officers, DaimlerChrysler, Ford Motor Company and General Motors Corporation Inspirited Congress a couple of days to address the fundamental concern the uneven and undervalued Japanese yen at a "Manufacturing Summit" conducted by the U.S. Senate Democratic Policy Conference on Capitol Hill.
Alan Mulally, president and CEO of Ford Motor Company, said during the forum through an open market, the values of currencies should be determined impartially and not pre-determined by governments. He said China is the recent focus, making Japan more problems with the automotive industry. Added the U.S. government needs a mandate from the Japanese government to allow the yen to reach its true value again since its uneven yen is one reason a large deficit in the automotive sector with the United States.
President Stephen Collins of the Automotive Trade Policy Council (ATPC), said almost all major currencies except the yen had appreciated much against the dollar. Indeed, the Japanese yen has extremely diluted – in contrast to the situation on financial markets overall – against the dollar and other major currencies in industrialized countries.
Collins added that serious destruction and disturbance of America automakers is being caused by the misaligned yen. In 20 years, the Japanese yen has reached its lowest value. He explained that the billions subsidized units yen devalued dollars in Japanese car companies to direct results drive Japanese exports of vehicles and parts. The long-term effect, Collins explained, is that Japanese cars, trucks and SUV's exports to the U.S. will be running with the aim of reaching 2.5 million vehicles this year.
The CEOs of the U.S., DaimlerChrysler, Ford and General Motors made clear in the forum to Congress deep support legislation by Sen. Debbie Stabenow's – S. 1021.
The legislation requires the U.S. Treasury to take aggressive measures bilateral – to achieve the international level – to properly align the Japanese yen with the other major OECD nations.
Collins concluded that Congress is making a considerable share in this sense that the resolution, in any form, the misalignment of the yen is one of the key elements to ensure the competitiveness of U.S. in the automotive industry.
About Automotive Trade Policy Council, Inc. (ATPC)
A Washington, DC – based nonprofit association profit non-commercial, Automotive Policy Trade Council, Inc. (ATPC) is the common economic exchanges, international and the interests of the investments of its member companies: DaimlerChrysler Corporation, Ford Motor Company and General Motors Corporation.
About General Motors Corporation
Also known as GM or GMC, General Motors Corporation is the 2nd (after Toyota), the largest car company based on sales revenue from 2007. Creator of the quality of automobiles and their parts, GMC has around 284,000 employees worldwide.
Founded in 1908, in Flint, Michigan and has global headquarters located in the Renaissance Center in Detroit, Michigan, USA. In Zurich, Switzerland is the European headquarters. This American automaker produces its cars and trucks in 33 countries.
GM cars and trucks are sold under Buick, Cadillac, Chevrolet, Daewoo, GMC, Holden, Hummer, Opel, Pontiac, Saab, Saturn and Vauxhall brands.
GM Parts, such as Insert GMC grill and accessories are known in the market under GM Performance Parts, GM Goodwrench and AC Delco brands through GM Service and Parts Operations that supplies GM dealers and distributors worldwide. The United States is GM's largest market nationwide. This is followed by China, Canada, the UK and Germany.
GM is the number 1 automaker when it comes to Strategic Vision Total Quality Index (TQI).
About Ford Motor Company
Ford Motor Company is an American multinational corporation. Based on vehicle sales worldwide, is the third largest automaker worldwide, after of the leaders of Toyota and General Motors.
Ford was the second placed car in the U.S. with 17.5 percent market share, behind General Motors with 24.6 percent, but ahead of Toyota with 15.4 percent and DaimlerChrysler, with 14.4 percent. This was according to the records in 2006. In 2007, Ford was the pleasure the seventh place between different U.S. companies based in the Fortune 500. This is based on overall revenues totaling 160.1 billion U.S. dollars.
Headquartered , Dearborn, Michigan, a suburb of Detroit, the auto company was founded by Henry Ford and incorporated on 16 June 1903. Its global brands include Lincoln U.S. and Mercury, Jaguar and Land Rover in the UK, and Volvo of Sweden. Ford also owns a Mazda control amounting to a third party control.
Moreover to produce quality products, Ford has been one of the ten largest corporations around the world in terms of revenue.
A German car firm DaimlerChrysler is the fifth largest automaker in the world. Which produces cars and trucks under different brands like Chrysler, Dodge, Jeep, Mercedes-Benz, Smart, Maybach, Mopar and GEM.