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Can Global Automakers Meet Emissions Limits Without Steering Off The Road? May 07
Standard & Poors, May 2007
Abstract
The world's automakers, already straining under the pressure of saturated demand in major markets and intense global competition, now face a longer term threat to their financial performance: stringent environmental legislation to reduce vehicle emissions and increase fuel efficiency. In April this year, the U.S. Supreme Court removed potential legal and political roadblocks to stricter rules when it said the Environmental Protection Agency (EPA) must regulate greenhouse gas emissions from vehicles unless it had a scientific basis to avoid doing so. This followed the Bush Administration's 'Twenty in Ten' plan, launched in January, to cut gasoline consumption by 20% over the next 10 years (see charts 1 and 2). In Europe, in February, the EU proposed tough legislation to limit...
Companies mentioned in this report are: Ford Motor Co.,Motors Liquidation Co. (fka General Motors Corp.),Renault S.A.,Daimler AG,Honda Motor Co. Ltd.,Toyota Motor Corp.,Fiat SpA,Peugeot S.A.,Volkswagen AG,BMW AG,Hyundai Motor Co.,Suzuki Motor Corp.,Kia Motors Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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