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| Construction and Engineering |
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| Economic |
| Military |
| Cooperate |
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| Demand |
| Agree |
| Pessimistic comment |
| Promise policy support |
| Riot |
| Host meeting |
| Warn |
| Yield to order |
| Solicit support |
| Vote |
| Release or return |
| Wiki | Wiki Summary |
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| Automotive industry in China | The automotive industry in China has been the largest in the world measured by automobile unit production since 2008. Since 2009, annual production of automobiles in China exceeds both that of the European Union and that of the United States and Japan combined.The traditional "Big Four" domestic car manufacturers are SAIC Motor, Dongfeng, FAW and Chang’an. |
| Equality of outcome | Equality of outcome, equality of condition, or equality of results is a political concept which is central to some political ideologies and is used in some political discourse, often in contrast to the term equality of opportunity. It describes a state in which all people have approximately the same material wealth and income, or in which the general economic conditions of everyone's lives are alike. |
| Recession | In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). |
| Automotive industry in Russia | Automotive production is a significant industry in Russia, directly employing around 600,000 people or 1% of the country's total workforce. Russia produced 1,767,674 vehicles in 2018, ranking 13th among car-producing nations in 2018, and accounting for 1.8% of the worldwide production. |
| Automotive industry by country | This article provides an overview of the automotive industry in countries around the world.\nThe United States was the world's largest automobile producer by volume from the early years of the 20th century until the 1980s, when it was overtaken by Japan. |
| Customer experience | Customer experience (CX) is a totality of cognitive, affective, sensory, and behavioral consumer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages. Pine and Gilmore described the experience economy as the next level after commodities, goods, and services with memorable events as the final business product. |
| Propagation of uncertainty | In statistics, propagation of uncertainty (or propagation of error) is the effect of variables' uncertainties (or errors, more specifically random errors) on the uncertainty of a function based on them. When the variables are the values of experimental measurements they have uncertainties due to measurement limitations (e.g., instrument precision) which propagate due to the combination of variables in the function. |
| Automotive industry in Pakistan | The automotive industry in Pakistan is one of the fastest-growing industries in the country, growing by 171% between just 2014 and 2018. It accounts for 3% of Pakistan's GDP and employs a workforce of over 3.5 million people as of 2018. |
| Automotive industry in Japan | The automotive industry in Japan is one of the most prominent and largest industries in the world. Japan has been in the top three of the countries with most cars manufactured since the 1960s, surpassing Germany. |
| Pricing strategies | A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy. |
| Bankruptcy | Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. |
| Email bankruptcy | Email bankruptcy is deleting or ignoring all emails older than a certain date, due to an overwhelming volume of messages. The term is usually attributed to author Lawrence Lessig in 2004, though it can also be attributed to Sherry Turkle in 2002. |
| Detroit bankruptcy | The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. |
| Black Monday (1987) | Black Monday is the name commonly given to the global, sudden, severe, and largely unexpected stock market crash on October 19, 1987. In Australia and New Zealand, the day is also referred to as Black Tuesday because of the time zone difference from other English-speaking countries. |
| Sustainable development | Sustainable development is an organizing principle for meeting human development goals while also sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. The desired result is a state of society where living conditions and resources are used to continue to meet human needs without undermining the integrity and stability of the natural system. |
| Research and development | Research and development (R&D or R+D), known in Europe as research and technological development (RTD), is the set of innovative activities undertaken by corporations or governments in developing new services or products, and improving existing ones. Research and development constitutes the first stage of development of a potential new service or the production process. |
| Operating margin | In business, operating margin—also known as operating income margin, operating profit margin, EBIT margin and return on sales (ROS)—is the ratio of operating income ("operating profit" in the UK) to net sales, usually expressed in percent.\n\n \n \n \n \n O\n p\n e\n r\n a\n t\n i\n n\n g\n \n m\n a\n r\n g\n i\n n\n \n =\n \n (\n \n \n \n O\n p\n e\n r\n a\n t\n i\n n\n g\n \n i\n n\n c\n o\n m\n e\n \n \n R\n e\n v\n e\n n\n u\n e\n \n \n \n )\n \n . |
| Profit margin | Profit margin is a measure of profitability. It is calculated by finding the profit as a percentage of the revenue. |
| Profitability analysis | In cost accounting, profitability analysis is an analysis of the profitability of an organisation's output. Output of an organisation can be grouped into products, customers, locations, channels and/or transactions. |
| Financial ratio | A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. |
| Competition | Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc. |
| Non-price competition | Non-price competition is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship". It often occurs in imperfectly competitive markets because it exists between two or more producers that sell goods and services at the same prices but compete to increase their respective market shares through non-price measures such as marketing schemes and greater quality. |
| Bankruptcy of Lehman Brothers | The bankruptcy of Lehman Brothers on September 15, 2008 was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate financing for its reorganization. |
| Bankruptcy costs of debt | Within the theory of corporate finance, bankruptcy costs of debt are the increased costs of financing with debt instead of equity that result from a higher probability of bankruptcy. The fact that bankruptcy is generally a costly process in itself and not only a transfer of ownership implies that these costs negatively affect the total value of the firm. |
| Bankruptcy in China | The Enterprise Bankruptcy Law of the People's Republic of China (trial Implementation) was first passed in 1986. On 1 June 2007, the new Enterprise Bankruptcy Law of the PRC came into force. |
| Chapter 7, Title 11, United States Code | Chapter 7 of Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States, in contrast to Chapters 11 and 13, which govern the process of reorganization of a debtor. Chapter 7 is the most common form of bankruptcy in the United States. |
| Significant figures | Significant figures (also known as the significant digits, precision or resolution) of a number in positional notation are digits in the number that are reliable and necessary to indicate the quantity of something.\nIf a number expressing the result of a measurement (e.g., length, pressure, volume, or mass) has more digits than the number of digits allowed by the measurement resolution, then only as many digits as allowed by the measurement resolution are reliable, and so only these can be significant figures. |
| Equity (finance) | In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets. |
| Desperate Shareholders | Desperate Shareholders (Russian: Отчаянные дольщики, romanized: Otchayannye dolshchiki) is a 2022 Russian crime comedy film directed by Ilya Farfell. The film produced by Yellow, Black and White also starred Maksim Lagashkin, Mikhail Trukhin, Ekaterina Stulova, Nikita Kologrivyy, and Olga Venikova. |
| Shareholder primacy | Shareholder primacy is a theory in corporate governance—especially when dealing with United States corporate law—holding that shareholder interests should be assigned first priority relative to all other corporate stakeholders. A shareholder primacy approach often gives shareholders power to intercede directly and frequently in corporate decision-making, through such means as unilateral shareholder power to amend corporate charters, shareholder referenda on business decisions and regular corporate board election contests. |
| Annual general meeting | An annual general meeting (AGM, also known as the annual meeting) is a meeting of the general membership of an organization.\nThese organizations include membership associations and companies with shareholders. |
| Shareholder oppression | Shareholder oppression occurs when the majority shareholders in a corporation take action that unfairly prejudices the minority. It most commonly occurs in non-publicly traded companies, because the lack of a public market for shares leaves minority shareholders particularly vulnerable, since minority shareholders cannot escape mistreatment by selling their stock and exiting the corporation. |
| Common stock | Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. |
| Common stock dividend | A common stock dividend is the dividend paid to common stock owners from the profits of the company. Like other dividends, the payout is in the form of either cash or stock. |
| Matthiola incana | Matthiola incana is a species of flowering plant in the cabbage family Brassicaceae. Common names include Brompton stock, common stock, hoary stock, ten-week stock, and gilly-flower. |
| New York Stock Exchange | The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. |
| Class B share | In finance, a Class B share or Class C share is a designation for a share class of a common or preferred stock that typically has strengthened voting rights or other benefits compared to a Class A share that may have been created. The equity structure, or how many types of shares are offered, is determined by the corporate charter.B share can also refer to various terms relating to stock classes:\n\nB share (mainland China), a class of stock on the Shanghai and Shenzhen stock exchanges\nB share (NYSE), a class of stock on the New York Stock ExchangeMost of the time, Class B shares may have lower repayment priorities in the event a company declares bankruptcy. |
| Convertible bond | In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features. |
| Risk Factors |
|---|
| This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended, that are based on managementapstas belief, assumptions, current expectations, estimates and projections about the global automotive industry, the economy and the Company itself |
| Words like "e anticipates, "e "e believes, "e "e confident, "e "e estimates, "e "e expects, "e "e forecast, "e "e likely, "e "e plans, "e "e projects, "e and "e should, "e and variations of such words and similar expressions identify forward-looking statements (eg unit shipment growth estimates and maintenance of the Companyapstas market share) |
| These statements do not guarantee future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict with regard to timing, expense, likelihood and degree of occurrence |
| These risks include, without limitation, employment and general economic conditions, the pace of economic recovery in the US and in international markets, the pace of automotive production worldwide, the types of products purchased by customers, competitive pricing pressures, currency fluctuations, the financial strength of the Companyapstas customers, the mix of products purchased by customers, the ability to continue to make product innovations, the success of certain products, and other risks and uncertainties described herein |
| Therefore actual results and outcomes may materially differ from what is expressed or forecasted |
| Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise |
| -10- |
| Automotive Industry |
| 96prca of our net sales are to customers within the automotive industry |
| Supplying products to the automotive industry involves increasing financial and production stresses due to continuing pricing pressures, lower domestic production levels, overcapacity, supplier bankruptcies, and commodity material cost increases |
| Automakers are experiencing increased volatility and uncertainty in executing planned new programs which have, in some cases, resulted in cancellation or delays of new vehicle platforms, package reconfigurations and inaccurate volume forecasts |
| This increased volatility and uncertainty has made it more difficult for us to forecast future sales and effectively utilize capital, engineering, research and development, and human resource investments |
| Key Customers |
| We have a few large customers, including four customers which each account for 10prca or more of our annual net sales - General Motors Corporation, Toyota Motor Corporation, DaimlerChrysler AG and BMW The loss of all or a substantial portion of the sales to any of these customers would have a material adverse effect on our sales, margins, profitability and, as a result, our share price |
| Effective October 1, 2003, General Motors Corporation, our largest customer, began including a 30-day escape clause into its contracts in the event its suppliers are not competitive on pricing |
| Effective January 1, 2004, Ford Motor Company began imposing new contract terms, including the right to terminate a supplier contract for any or no reason, etc Pricing Pressures |
| In addition to price reductions over the life of its long-term agreements, we continue to experience pricing pressures from our automotive customers and competitors, which have affected, and which will continue to affect our margins to the extent that we are unable to offset the price reductions with productivity and manufacturing yield improvements, engineering and purchasing cost reductions, and increases in sales volume |
| In addition, profit pressures at certain automakers are resulting in increased cost reduction efforts by them, including requests for additional price reductions, decontenting certain features from vehicles, and warranty cost-sharing programs, any of which could adversely impact our sales growth, margins, profitability and , as a result, our share price |
| Credit Risk |
| In light of the financial stresses within the worldwide automotive industry, certain automakers and tier one mirror customers have already declared bankruptcy or may be considering bankruptcy |
| Should one or more of our larger customers declare bankruptcy, it could adversely impact the collectibility of our accounts receivable, bad debt expense and net income |
| Supply Chain Disruptions |
| Due to the just-in-time supply chains within the automotive industry, a disruption in a supply chain caused by an unrelated supplier due to bankruptcy, work stoppages, strikes, etc could disrupt our shipments to one or more automaker customers, which could adversely affect our sales, margins, profitability and, as a result, our share price |
| We recognize that Magna Donnelly, our main competitor and wholly-owned subsidiary of Magna International, is considerably larger than the Company and may present a more formidable competitive threat in the future |
| Our future growth and success will depend on the ability to compete in our highly competitive markets |
| New Technology and Product Development |
| We continue to invest a significant portion of our annual sales in engineering, research and development projects |
| Should these efforts ultimately prove unsuccessful, our sales, net income and, as a result, our share price will be adversely affected |
| Intellectual Property |
| We believe that our patents and trade secrets provide us with a significant competitive advantage in automotive rearview mirrors |
| The loss of any significant combination of patents and trade secrets could adversely affect our sales, margins, profitability and, as a result, share price |
| Other issues and uncertainties which could adversely impact our sales, margins, profitability and, as a result, our share price include: - Changes in worldwide economic conditions, currency exchange rates, war or significant terrorist acts, which could affect worldwide automotive sales and production levels |
| - Changes in the commodity prices of the materials used in our products |
| -11- |
| We are dependent on the services of our management team |
| Losing one or more key members of our management team could adversely affect our operations |
| We do not maintain key man life insurance on any of our officers or directors |
| Antitakeover Provisions |
| Our articles of incorporation and bylaws, the laws of Michigan, and our Shareholder Protection Rights Plan include provisions which are designed to provide our board of directors with time to consider whether a hostile takeover offer is in our best interest and the best interests of our shareholders |
| These provisions, however, could discourage potential acquisition proposals and could delay or prevent a change in control |
| The provisions also could diminish the opportunities for a holder of our common stock to participate in tender offers, including tender offers at a price above the then current price for our common stock |
| These provisions could also prevent transactions in which our shareholders might otherwise receive a premium for their shares over then current market prices, and may limit the ability of our shareholders to approve transactions that they may deem to be in their best interests |
| All of these provisions may have the effect of delaying or preventing a change in control at the company level without action by our shareholders, and therefore, could adversely affect the price of our common stock |
| Fluctuations in Market Price |
| The market price for our common stock has fluctuated, ranging between dlra15dtta38 and dlra20dtta32 for 2005 |
| The overall market and the price of our common stock may continue to fluctuate |
| There may be a significant impact on the market price for our common stock due to, among other things: - variations in our anticipated or actual operating results or the results of our competitors; - changes in investors &apos or analysts &apos perceptions of the risks and conditions of our business; - the size of the public float of our common stock; - market conditions, and - general economic conditions |