2014年经济学人 日本汽车制造商 活力无穷

Japanese carmakers

Lots of oomph

Japan's small-car firms are defying the industry's get-big-or-die imperative²

ONE of the conundrums³ of the car business is that five smaller Japanese firms continue to prosper⁴ alongside three giants, Toyota, Nissan and Honda. In theory, those in the second division—Mazda, Mitsubishi, Suzuki and Subaru—should long ago have merged⁵ with rivals at home or abroad, or fallen by the wayside. Daihatsu is already controlled by Toyota, which has a 51% stake in the firm. They all sell 1m-2m vehicles a year. Sergio Marchionne, boss of Fiat⁶ Chrysler, once said that 6m was the minimum required for carmakers to have a hope of turning a profit.

The second-tier firms seem more determined⁷ than ever to disprove the notion that global scale and huge volumes are indispensable. Suzuki is a relative minnow with a strong presence in only one big market outside Japan—India. But not long ago it withdrew from an alliance with Germany's Volkswagen (VW), which could have helped it sell small and cheap vehicles in developed markets overseas.

Mazda, an even smaller firm, gladly parted ways with Ford⁸. The American carmaker began to wind down its stake in 2008 to raise cash and avoid bankruptcy⁹. The two firms had worked together since 1979. Subaru, part of Fuji Heavy Industries, a conglomerate¹⁰, reportedly chafes¹¹ at the 16.5% stake that Toyota, the world's biggest carmaker, holds in it. One obvious solution for the sub-scale firms—mergers with the biggest three—seems a distant prospect¹².

It helps that all are making generous profits after years of losses. A weaker currency means they are well-nigh printing money, notes Max Warburton of Sanford C. Bernstein, an equity-research firm. Subaru and Mazda, the biggest exporters among the five, are enjoying record sales in North America. Subaru now outsells VW there. The Japanese small-fry are also more profitable than most firms in the industry.

That may not last. A succession of lean years means the smaller firms lack cash to invest heavily in new technology. But they are finding smart ways to turn weaknesses into strengths. The industry admires Mazda's decision some years ago not to develop costly¹³ hybrid¹⁴ or fully¹⁵ electric powertrains in favour of pioneering its “SkyActiv” technology, which greatly improves the efficiency of petrol and diesel¹⁶ engines.

SkyActiv is typically pragmatic engineering from the Japanese, and just what the market wants now, says Mr Warburton. In the coming years, however, meeting tighter emissions¹⁷ standards will require more capital spending. It may also be difficult for the smaller firms to invest in technologies that support autonomous¹⁸ driving, should it prove popular.

Another explanation for the small firms' endurance is the tacit support of Japan's government. In the case of Suzuki, Mitsubishi and Daihatsu this support is visible in the form of longstanding tax breaks to miniature “kei” cars. Much loved by women and the old, the tiny cars and trucks now account for around two-fifths of new-vehicle sales in Japan. Nissan and Honda manufacture kei cars, but the three smaller makers¹ rely on them more.

The government now seems to have heeded¹⁹ the warnings of the largest carmakers, that making kei cars diverts attention and funds from the development of models with export potential. A decision earlier this year to raise taxes on the category bodes²⁰ ill for their manufacturers. While Subaru and Mazda are successful outside Japan, and Suzuki is envied for making big profits selling small cars, the weakest of the second tier may soon face fresh difficulties.

The underlying²¹ problem faced by all Japan's carmakers is a declining and largely unprofitable home market, says John Harris, a consultant²². Yet for Mitsubishi, probably the weakest of the five, the problem is eased by support from the huge industrial group it belongs to and Daihatsu will continue to enjoy Toyota's protection. With this level of help it is unsurprising that none of the small carmakers has yet run off the road.

1 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

2 imperative   

n.命令，需要；规则；祈使语气；adj.强制的；紧急的

参考例句：

• He always speaks in an imperative tone of voice.他老是用命令的口吻讲话。
• The events of the past few days make it imperative for her to act.过去这几天发生的事迫使她不得不立即行动。

3 conundrums   

n.谜，猜不透的难题，难答的问题( conundrum的名词复数 )

参考例句：

• After all the conundrums of Hungary, the second Turkish Grand Prix promises much. 继匈牙利站所有猜不透的事之后，第二届土耳其大奖赛许诺了太多。 来自互联网
• I see conundrums, dilemmas, quandaries, impasses, gnarly thickets of fateful possibility with no obvious way out. 眼看问题经纬万端，进退两难、入困境，死路一条，盘根错节的命定可能性，但找不到明显的出路。 来自互联网

4 prosper   

v.成功，兴隆，昌盛；使成功，使昌隆，繁荣

参考例句：

• With her at the wheel,the company began to prosper.有了她当主管，公司开始兴旺起来。
• It is my earnest wish that this company will continue to prosper.我真诚希望这家公司会继续兴旺发达。

5 merged   

（使）混合( merge的过去式和过去分词 )； 相融； 融入； 渐渐消失在某物中

参考例句：

• Turf wars are inevitable when two departments are merged. 两个部门合并时总免不了争争权限。
• The small shops were merged into a large market. 那些小商店合并成为一个大商场。

6 fiat   

n.命令，法令，批准；vt.批准，颁布

参考例句：

• The opening of a market stall is governed by municipal fiat.开设市场摊位受市政法令管制。
• He has tried to impose solutions to the country's problems by fiat.他试图下令强行解决该国的问题。

7 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

8 Ford   

n.浅滩，水浅可涉处；v.涉水，涉过

参考例句：

• They were guarding the bridge,so we forded the river.他们驻守在那座桥上，所以我们只能涉水过河。
• If you decide to ford a stream,be extremely careful.如果已决定要涉过小溪，必须极度小心。

9 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

10 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

11 chafes   

v.擦热（尤指皮肤）( chafe的第三人称单数 )；擦痛；发怒；惹怒

参考例句：

• Her skin chafes easily. 她的皮肤很容易擦破。 来自《简明英汉词典》
• The daughter under such restrictions chafes at them circumscribe her whole world. 他们的女儿是在如此严厉的约束下，她的整个世界都是受的限制的。 来自互联网

12 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

13 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

14 hybrid   

n.(动，植）杂种，混合物

参考例句：

• That is a hybrid perpetual rose.那是一株杂交的四季开花的蔷薇。
• The hybrid was tall,handsome,and intelligent.那混血儿高大、英俊、又聪明。

15 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

16 diesel   

n.柴油发动机，内燃机

参考例句：

• We experimented with diesel engines to drive the pumps.我们试着用柴油机来带动水泵。
• My tractor operates on diesel oil.我的那台拖拉机用柴油开动。

17 emissions   

排放物( emission的名词复数 )； 散发物（尤指气体）

参考例句：

• Most scientists accept that climate change is linked to carbon emissions. 大多数科学家都相信气候变化与排放的含碳气体有关。
• Dangerous emissions radiate from plutonium. 危险的辐射物从钚放散出来。

18 autonomous   

adj.自治的；独立的

参考例句：

• They proudly declared themselves part of a new autonomous province.他们自豪地宣布成为新自治省的一部分。
• This is a matter that comes within the jurisdiction of the autonomous region.这件事是属于自治区权限以内的事务。

19 heeded   

v.听某人的劝告，听从( heed的过去式和过去分词 )；变平，使（某物）变平( flatten的过去式和过去分词 )

参考例句：

• She countered that her advice had not been heeded. 她反驳说她的建议未被重视。 来自《简明英汉词典》
• I heeded my doctor's advice and stopped smoking. 我听从医生的劝告，把烟戒了。 来自《简明英汉词典》

20 bodes   

v.预示，预告，预言( bode的第三人称单数 )；等待，停留( bide的过去分词 )；居住；（过去式用bided）等待

参考例句：

• This bodes ill for the failure of the programme. 这是那项计划有凶兆。 来自《现代汉英综合大词典》
• This bodes him no good. 这对他是不祥之兆。 来自《现代英汉综合大词典》

21 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

22 consultant   

n.顾问；会诊医师，专科医生

参考例句：

• He is a consultant on law affairs to the mayor.他是市长的一个法律顾问。
• Originally,Gar had agreed to come up as a consultant.原来，加尔只答应来充当我们的顾问。