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:
“The westerner, normally, walks to get somewhere that he cannot get in an automobile or on horseback. Hiking for its own sake, for the sheer animal pleasure of good condition and brisk exercise, is not an easy thing for him to comprehend.”
—State of Utah, U.S. public relief program (1935-1943)