General Motors Corp. on Sunday cited frustration with Japan's weak economic recovery, while DaimlerChrysler AG vowed to restructure Mitsubishi Motors Corp. into a profitable affiliate in two to three years.
GM President and Chief Executive Officer Richard Wagoner and DaimlerChrysler Chairman Juergen Shrempp made the comments to reporters on the opening day of the 2001 North American International Auto Show in Detroit, Michigan.
Wagoner expressed frustration over the economy in Japan, blaming the slow recovery for the huge U.S. trade deficit and the yen's recent weakness against the dollar.
Shrempp said the major American-German automaker, which holds a 34 percent stake in Mitsubishi Motors, is still in the process of formulating a restructuring plan for the Japanese automaker but wants the plan to show results in two to three years.
The Detroit auto show drew more than 40 automakers from around the world, with participants focusing on next generation low-pollution vehicles, and new models and concepts of sport utility vehicles that are showing robust sales in the North American market.