Presentation to the Automotive News World Congress(英文版)(ppt 67页)

Presentation to the Automotive News World Congress(英文版)内容提要：
Data include common stock and ADRs currently assigned ratings. For disclosure purposes (in accordance with NASD and NYSE requirements), we note  that Overweight, our most positive stock rating, most closely corresponds to a buy recommendation; Equal-weight and Underweight most closely correspond to neutral and sell recommendations, respectively. However, Overweight, Equal-weight, and Underweight are not the equivalent of buy, neutral,  and sell but represent recommended relative weightings (see definitions below).
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Demand growth is likely to be modest despite economic recovery:
Auto sales did not weaken materially in the most recent recession and thus, significant pent-up demand was never created.
The number of off-lease vehicles is falling sharply – fewer consumers are being forced back to a dealer to buy or lease a new vehicle.
Extended financing terms are likely to prolong vehicle turnover.
Economic conditions appear mixed.
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Competitive pressures are likely to remain difficult:
Capacity growth to continue in 2004.
Pricing is likely to remain difficult although a weak dollar may provide a modest offset.
Market share pressures to continue as well.