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Production cuts hurt supplies of some of the most popular North American-made vehicles such as the Camry sedan. Sales of the vehicle plummeted 36 percent last May from the year before. Dealers were frantic to get vehicles such as the Prius hybrid. Last May, U.S. dealers only had about one-sixth of their usual supply of Prius cars, just as high gas prices were sparking demand for fuel-efficient cars. When they couldn't find Japanese cars, buyers went elsewhere. South Korea's Hyundai Motor Co. and U.S. automaker Ford Motor Co. were among those who gained sales. The U.S. market share of Japanese automakers fell from 38.5 percent to 30.1 percent between last February and June, according to auto information site Edmunds.com. They regained 38 percent share in February, although still below the 40 percent share they commanded three years ago, before Toyota's massive safety recalls. Robinet of IHS said production losses for the Japanese ended in the third quarter of last year, and they made up for about 20 percent of lost volume in the fourth quarter. They made up for most of the rest in the first few months of this year through overtime and adding capacity. Koji Endo, auto analyst at Advance Research Japan Co. in Tokyo, says Japanese automakers' sales are now shooting up in North America because soaring gas prices make Japanese offerings, which tend to be fuel-efficient, more attractive. The U.S. economy is recovering and buyers had been waiting for the Japanese models to arrive. "Toyota and Honda sales growth is overwhelming, almost at double or marking 100 percent growth," Endo said. "They are selling like hotcakes." But new problems may be ahead. Ghosn thinks the strong yen is doing much more damage to Nissan's financial results than the disaster, or anything else. Toyota and Honda also say the strong yen hurts. The yen's strength has relented in recent weeks with dollar rising above 80 yen from 76 yen levels but the Japanese currency is still much stronger than it was a year ago. For each yen the dollar slips, Nissan loses 20 billion yen ($245 million) in annual operating profit. Ghosn had only praise for his Iwaki workers. "The Iwaki team set to work with a bravery and resilience that I found both moving and humbling," he said.
[Associated
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