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August 20, 2008 5:20:05 PM CDT

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Detroit Looks to Pump Up Exports

Posted Apr 8, 08 12:47 PM CDT in Business 

(Newser) – The dollar’s declining value, lower labor costs, and other terms of new UAW deals have US automakers looking overseas as they attempt to reclaim market share and profitability, reports the Wall Street Journal. About half of US vehicle exports in 2007, which totaled $50.66 billion, went to Canada and Mexico, and automakers now are looking to emerging markets in China and Latin America. The weak dollar "improves export competitiveness and potential profitability," says GM's president.

Beefed-up exports could help shore up struggling domestic operations even as foreign carmakers explore exporting some manufacturing to the US. GM hopes to sell 25,000 Buick SUVs in China annually; like Ford, it has Brazil and Latin America in its sights. Chrysler is targeting Europe. The exchange rate and labor agreements more favorable to the manufacturers "make the US a low-cost country," says a consultant.

Source Wall Street Journal

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Jason Beeman works on the assembly line at the General Motors Powertrain Warren transmission plant in Warren, Mich.   (AP Photo/Carlos Osorio, file)
2008 model year Ford Focus cars are seen on a holding lot across the street from the Wayne Stamping and Assembly Plant in Wayne, Mich.   (AP Photo/Carlos Osorio, file)
In a photo released by the Ford Motor Co., a Verve Concept automobile is shown. Ford is taking aim at the Toyota Yaris and Nissan Versa with its Verve subcompact.   (AP Photo/Ford Motor Co., )
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