New Toyota US president sees bright future for auto industry, Ford and GM

Jim Press, the new president of Toyota Motor Corp. North American, foresees a bright future for the U.S. auto industry. While speaking at the women's business group Inforum in Detroit last week, he pointed out that:
  • The Baby Boom generation that continues to purchase new vehicles won't reach its peak until 2009.
  • Generation Xers are buying larger vehicles to accommodate their new families.
  • Generation Y members are now reaching driving age.
  • The number of immigrants in the U.S. is increasing.

"All this together adds up to a golden opportunity in the years ahead for auto makers, suppliers and all those who support the industry," said Press, who included Ford and General Motors in his presentation. He believes the troubled automakers' current strategies will eventually result in both rebounding and stronger than before. Their recovery, he emphasized, is important to the auto industry, Detroit, and the economy. Further, Press feels that in the end, consumers will be the ultimate winners, as competition improves the breed.

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[Source: Marketwatch]

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