309Automobile Industry
• DaimlerChrysler was created through a transatlantic merger in 1998 and established a
position in Asia by acquiring equity in Mitsubishi Motors and Hyundai.
• Volkswagen made a series of acquisitions in Europe (Seat, Skoda, and Rolls Royce) and
had focused heavily on investing in manufacturing capacity outside the advanced indus-
trial countries, notably in Eastern Europe, Latin America, and China.
Despite the tremendous internationalization of the auto industry, it was the home market that
remained the most important market for every car maker: that was where they typically exercised
market leadership. For example, Fiat was the market leader in Italy, VW in Germany, Renault and
PSA in France, and Hyundai and Daewoo in ...