1981 Automobile VER
When the automobile industry in the United States was threatened by the popularity of cheaper more fuel efficient Japanese cars, a 1981 voluntary restraint agreement limited the Japanese to exporting 1.68 million cars to the U.S. annually as stipulated by U.S Government.
The Japanese automobile industry responded by establishing assembly plants or "transplants" in the United States to produce mass market vehicles. They also began exporting bigger, more expensive cars (soon under their newly-formed luxury brands like Acura, Lexus, and Infiniti).
Read more about this topic: Voluntary Export Restraints
Famous quotes containing the word automobile:
“I shall not bring an automobile with me. These inventions infest France almost as much as Bloomer cycling costumes, but they make a horrid racket, and are particularly objectionable. So are the Bloomers. Nothing more abominable has ever been invented. Perhaps the automobile tricycles may succeed better, but I abjure all these works of the devil.”
—Henry Brooks Adams (1838–1918)