Asian carmakers to dominate US this year as well

Asian carmakers to dominate US this year as well

2005 was an eye-opening year for the auto market in the United States. The giants Ford and General Motors suffered huge losses and have announced their plans to cut large number of jobs and close loss-making plants. In addition, both companies have decided to concentrate on making fuel-efficient vehicles and invest in hybrid technology to lure back customers.

However, these plans would take another couple of years to show its effect considering this year is expected to be dominated Asian automobile manufacturers. Leading the charge would be of course Toyota, which is currently the second largest automaker in the world and is closing in fast on General Motors.

Other Asian players who are growing fast in the US market are Japanese companies like Honda and Nissan. South Korean automaker Hyundai is also targeting the US market with their new and innovative products. GM is trying hard to survive and has already announced big discounts on their vehicles. Market experts however believe that it is not going to help them much in the longer run as it would affect profits.

GM and Ford are planning to cut as many as 64,000 US based jobs in the next 6 years and this is not going to make them any more popular in the market.