I think GM's numbers will be close to 9.1 million to 9.2 million vehicles in 2006 thanks to its strength in the Asia-Pacific market. It's likely that Toyota will pass GM in volume worldwide, but I don't think it's going to happen in 2006.
Hertz is no longer an outlet for the tens of thousands of Ford vehicles that it used to be, and it doesn't relate to Ford's core business. I don't think the absence of Hertz will hurt Ford overall.
These are vehicles on the market mainly because of the insanity of regulators in states like California that are worried about emissions standards,
Fundamentally speaking, GM has enough capacity to service one-third of the American vehicle business, but they only have about a quarter of it right now.
Despite concerns that the current sales weakness represents a new recession in vehicle sales, we believe that the explanation continues to be payback for last summer's excesses,
The question is, does it make sense to pour more money into a new Chevy Cavalier to reduce losses from $3,000 per vehicle to $1,000. It's probably a necessary competitive move.