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I am fairly certain that he meant "American auto industry".

I think he meant the _American_* auto industry needs revamping.

(*And by American, of course I mean the United States of America, I was using the common term to refer to stuff from the United States of America since it is the dominant nation on the North American and South American continents with the word America in its name.)

Even Toyota is not doing fine. They make good cars at a good price but that does not mean their market capitalization and spending has been/is in line with what the next few years may hold. If it was, they would not have had to take a loss this past year.

Well, Japanese companies also has to contend with the deflation of their currency.