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Currency is just one factor that goes into the complicated business of making and pricing cars. Steel prices, supplier costs and other variables could offset Japan's advantage. Most important, Levy said, is offering competitive vehicles.
"If you have the product the consumer wants, you can overcome any currency issues," he said.
That's an advantage U.S. automakers enjoy right now. U.S. sales for GM, Ford Motor Co. and Chrysler Group jumped 9.5 percent in the first quarter, compared with a 3.2 percent increase for Asian brands, according to Autodata Corp. The Detroit automakers control more than 80 percent of the full-size pickup truck market, which is the fastest-growing segment right now. And cars such as the newly redesigned Ford Fusion are gaining ground on older models like the Toyota Camry.
Overall industry sales rose 6.5 percent from 2012.
Akerson said GM must compete with strong, high-quality vehicles and can't make excuses about foreign currency values.
"You can complain about the weather, but that's what it is," he said.
GM's shares fell less than 1 percent to $27.71. Ford's shares slipped 4 cents to $12.64.
Toyota U.S. shares rose 4.7 percent to $105.66, nearly reaching a five-year high. Honda shares gained 5.4 percent to $39.21 and Nissan rose 5.4 percent to $19.83.
AP Auto Writer Tom Krisher contributed to this report.
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