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Japan's Biggest Car Makers Are Hit Hard by Terrorist Attacks on the U.S.

by Staff
September 25, 2001
2 min to read


The aftermath of the Sept. 11 terrorist attacks on the United States is hitting the shares of Japan's big car makers with unexpected force, with some losing 40 percent of their value

over the past two weeks. Analysts say there is no sign of a rebound in sight, according to the Wall Street Journal.

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Many expect the U.S. auto giants to take the biggest hits in terms of lost sales volume if consumers curtail spending following the deadly strikes in New York and Washington. But the earnings damage could be even more severe

for the Japanese manufacturers, because of their greater vulnerability to shifting exchange rates, according to the Journal.


Already, shares of Toyota Motor Corp. have plunged 24 percent since the Sept. 11 attacks, closing at 2,760 yen ($23.78) on Sept. 21. Honda Motor Co.'s shares have dropped 32 percent to 3,300 yen, and the stock of Nissan Motor Co. has collapsed 40 percent over the two-week period, to 421 yen. By comparison, the benchmark Nikkei 225 Stock Average has weakened 7 percent over the same period.


The biggest worry for carmakers is that in somber times, consumers will be reluctant to spend on lavish items like new cars. And already, auto sales have slowed significantly. U.S. auto sales Sept. 19 were down 23 percent from the same day a year ago and off 38

percent from the average of the previous four weeks, according to a study by J.D. Power and Associates.

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Japan's top carmakers generate much of their

earnings in the U.S. Honda sells more than twice as many cars in North America as it does in Japan. And so the Japanese will share much of the pain with American manufacturers if the decline in U.S. car sales continues, according to the Journal.

Topics:F&I

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