ECONOMICS REPORT - General Motors and Ford Cut Jobs and Cost

ECONOMICS REPORT - General Motors and Ford¹ Cut Jobs and Costs
By Mario Ritter

Broadcast: Friday, June 24, 2005

I'm Bob Doughty² with the VOA Special English Economics Report.

 
 
General Motors, Ford and Chrysler are traditionally known as the "Big Three" carmakers in North America. But the industry has been going through a lot of changes.

Recently both G.M. and Ford have had their debt ratings cut. Agencies that advise investors³ on risk said that both companies depend too much on sales of big sports-utility vehicles. Higher fuel prices have cut into sales of S.U.V.'s.

G.M. and Ford have been criticized for not developing more hybrid⁴ vehicles. These use both electrical and gasoline power.

Ford and G.M. also face growing long-term costs connected with their retirement⁵ programs.

General Motors says it will cut twenty-five thousand jobs in North America in the next three years. G.M. announced a loss of more than one thousand million dollars in the first three months of this year.

Ford, too, has announced job and spending cuts. It plans to cut two thousand seven hundred jobs this year. Ford also said it would suspend payments into one of its employee retirement plans. And it plans to sell stock in its Hertz car-rental business to raise money.

Foreign competition has made its mark on the American auto⁶ industry.

In nineteen ninety-eight, Chrysler joined with Daimler-Benz to form DaimlerChrysler. Headquarters are in Michigan and Germany. But this third member of the Big Three is no longer listed as an American company.

And, last year, Toyota of Japan sold more cars than Ford to become the second largest car company in the world. General Motors is the largest. But industry observers are not sure how much longer that will be true.

As foreign carmakers have expanded in the United States, they have built factories here. Similarly, the Big Three have joined with foreign carmakers to sell cars all over the world. For example, Ford owns Volvo and Jaguar⁷, among others. It also controls the Japanese carmaker Mazda.

G.M.'s holdings include Saab. General Motors has factories in thirty-two countries and sells cars in two hundred countries. G.M. has invested heavily in China. It has joint⁸ investments with the Shanghai Automotive Industry Corporation.

America's "Big Two," General Motors and Ford, must deal with some problems. But they remain the third and fourth largest companies in the country.

This VOA Special English Economics Report was written by Mario Ritter.  I'm Bob Doughty.

1 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。

2 doughty   

adj.勇猛的，坚强的

参考例句：

• Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
• The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 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。

5 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

6 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

7 jaguar   

n.美洲虎

参考例句：

• He was green with envy when he saw my new Jaguar car.看见我那辆美洲虎牌新车，他非常妒忌。
• Should you meet a jaguar in the jungle,just turn slowly,walk away.But slowly,never look back.你在丛林中若碰上美洲虎，就慢慢转身走开，可一定要慢，切莫回头看。

8 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。