Journal of CENTRUM Cathedra ● Volume 4, Issue 2, 2011 ● 165-181
JCC
Journal of
CENTRUM
Cathedra
Productivity of Automobile Industries using the Malmquist Index:
Evidence from the Last Economic Recession
Yao Chen
University of Massachusetts, Lowell, MA, USA
Abstract
In this paper, the financial information provided by Fortune Magazine is used to study the productivity
changes in the global auto industry during 1991-1997, including automakers from the USA, Europe, Japan,
and South Korean. The paper seeks to uncover global auto industry’s productivity changes during the early
1990s economic recession. Data envelopment analysis (DEA) is used to identify the empirical performance
frontier. A new DEA-based Malmquist productivity index is used to further analyze the two Malmquist
components. The analysis not only reveals patterns of productivity change and presents a new interpretation
along with the managerial implications of each Malmquist component, but also the analysis identifies the
strategy shifts of individual companies based upon isoquant changes. The labor efficiency and overcapacity
of the global auto industry is studied, and judgments can be made about whether such strategy shifts are
favorable and promising.
Keywords: Data Envelopment Analysis (DEA), efficiency, Malmquist, productivity, auto industry.
JEL Classification code: C02
The automotive industry crisis during the period 2008 to 2010 was a part of a global financial downturn
that affected U.S., European, and Asian automobile manufacturers. In particular, the U.S. auto industry is
still on a slow road to recovery. The crisis raises questions about whether the U.S. auto industry will survive
the recession and how the U.S., European, and Asian automobile manufacturers were performing during and
after the economic recession of early 1990s.
“GM built 8.6 million cars and trucks in 1995. If they were lined up on the equator bumper to bumper, they
would stretch all the way around the world, a lane of traffic 25,000 miles long” (Taylor III, 1996). This is a
big achievement. However, its overall market share of 33.9% in 1995 still represents a steep decline from the
47.7% market share peak in 1978. Compared to the glory days of the 1950s and 1960s, GM has been spending
much and making little; for example, return on assets, a measure of how efficiently a company uses its capital,
skidded downward from 17% in 1965 to below zero, then nudging to 3.2% in 1995.
GM is not alone among American carmakers. After the worst decline in market share in the 1980s and huge
profit losses at the beginning of the 1990s, American carmakers boosted their market share after a bottoming
out in 1986 and registered record-high earnings between 1994 and 1996. Despite that recovery, the Big Three
(GM, Ford, and Chrysler) are facing a challenge to break bottlenecks and squeeze out more production without
investing in expensive facilities. Meanwhile, with the aggressive competition from Japanese and European
carmakers, how to obtain productivity gain from the workforce is a tough challenge for the Big Three.
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
166
Excess capacity is another key issue of concern to carmakers. Overcapacity means not only high fixed
costs but also the burden of heavy financial investment. According to AutoFacts Inc., worldwide auto sales
were around 50 million vehicles a year, and plant overcapacity was 18 and 22 million vehicles for 1996 and
1998 respectively. North America alone has an excess capacity of about 3.4 million vehicles a year. If capacity
were too far ahead of demand, factory closings, layoffs, business failures, and macroeconomic ramifications
would be the result. William Pochiluk, the president of AutoFacts, claimed the key issue “is that overcapacity
is a destabilizing influence. Good companies will be forced to do crazy things” (Simison, 1998).
According to a U.S. Federal Reserve Bulletin in January 1999, the rate of growth in industrial production
is 8.9%, 0.6%, -1.4%, 12.8%, and -9.2% for the automobile industry from 1994 to 1998. The rate of growth in
capacity is 5.5%, 8.4%, 3.9%, 3.2%, and 2.5% for the industry from 1994 to 1998. Destabilizing overcapacity and its influence are obvious in the auto industry and motivated this study on productivity change in the
automobile industry.
In this paper, the financial information provided by Fortune Magazine is used to study productivity changes
for the global auto industry, including automakers from the USA, Europe, Japan, and South Korean during the
period 1991-1997. The information provided will enable examination of the performance of auto industries
around the world after the economic recession in the world during the period 1990-1991.
Because multiple Fortune Magazine performance measures are used, the data envelopment analysis (DEA)
based Malmquist productivity index will be used. The Malmquist index was first suggested by Malmquist
(1953) as a quantity index for use in the analysis of consumption of inputs. Färe, Grosskopf, Lindgren, and
Roos (1992) combined ideas on the measurement of efficiency from Farrell (1957) and the measurement of
productivity from Caves, Christensen, and Diewert (1982) to construct a Malmquist productivity index directly
from input and output data using DEA.
The DEA-based Malmquist productivity index has proven to be a good tool for measuring productivity
change in organizations. For example, Färe, Grosskopf, Lindgren, and Roos (1994b) studied productivity
developments in Swedish hospitals, and Löthgren and Tambour (1999) studied productivity change in the
Swedish eye-care service provision. Grifell-Tatjé, and Lovell (1996) studied the effect of deregulation on
Spanish saving banks, and Fulginiti and Perrin (1997) studied changes in agricultural productivity in 18 developing countries. Other examples include an empirical investigation of the catch-up hypothesis for a group
of high and low-income countries (Taskin & Zaim, 1997), telecommunications productivity, technology catch
up and innovation in 74 countries (Madden & Savage 1999), and total factor productivity (TFP) evolution in
Organization for Economic Co-operation and Development (OECD) countries (Maudos, Pastor, & Serrano,
1999), among others.
The Malmquist productivity index is composed of two components measuring change in the technology
frontier and technical efficiency. Chen and Ali (2004) examined the two components to reveal sources and
patterns of productivity change obscured by the aggregated nature of the Malmquist index. The approach
allows the identification of strategy shifts of individual DMUs in a particular period.
In this study, the Chen and Ali (2004) approach is applied to assess the productivity changes of the auto
industry represented by 22 Fortune Global 500 automobile companies. In the study, the managerial implications
of each component of the Malmquist productivity index will be revealed; The rest of the paper is organized as
follows: In the following section, the Malmquist index and the development by Chen and Ali (2004) is introduced
briefly. Thereafter, the data and results are presented and interpreted. The final section concludes the study.
Malmquist Productivity Index
Suppose n organizations (decision-making units or DMUs) exist. Each uses m inputs, x i , (i =1, …., m) to
produce s outputs y r (r = 1, …, s). Suppose a production function in time period t as well as period t+1 is apparent. The Malmquist index calculation requires two single-period and two mixed-period measures. The two
single-period measures can be obtained by using the CCR DEA model (Charnes Cooper, & Rhodes, 1978):
period and two mixed-period measures. The two single-period measures can be obtained by
using the CCR DEA model (Charnes Cooper, & Rhodes, 1978):
using the CCR DEA model (Charnes Cooper, & Rhodes, 1978):
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
167
Dot ( xot , yot )  Min 
t t t t t t
D
( x , yo )Min
= Min
D
 θ
o (oxo , oyo ) 
s.t.
s.t.
s.t.
n
i
1, 2,..., m,
nλλ xx tx x, i,t 
1, 2,..., m,
n
t
j t ij
j 1

∑ ëj x
j 1
j
nj =1
ij
t
t
io
≤ θ xio , i =
1, 2,..., m, (1) (1)
io
ij
(1)

1, 2,...,s,
n yy tyy , r,t r
1, 2,...,s,

n
t
j t rj
t
t
ro
,r=
1, 2,...,s,
∑ λ y ≥1,y2,...,n
  0, j 
.
j 1
j 1
j
rj
j
ro
rj
ro
 jjj =1 0, j 
1, 2 ,...,n.
λ j ≥ 0, j =
1, 2 ,...,n.
t
t
DMU
where,xxiot iot isisisthe
the
ith
input
and
the
for
period
Using
tinstead
for the above
tt.+tUsing
1 1instead
input
and
the
rth output
output
for DMU
period
t. Using
instead
where,
y ro
t of
1 of
theith
ith
input
and
is rth
the
rth output
for oDMU
of
where,
yisisro
oinin
o int.period
t +1
t +1
t +1
model, D o ( x o , y o ) is obtained, the technical efficiency score for DMUo in time period t+1.
1 t 1t 1 t 1t 1 t 1
t
DMU
technical
for
tt for
the
D otD
(o xo( x, measures,
yo , y) is)obtained,
Defficiency
( x t +1 efficiency
, y t +1score
) for each
DMU
forThe
theabove
above
model,
iswhich
obtained,
the as
technical
score
foro ,in
first
of model,
the
mixed-period
isthe
defined
DMU
o∈Q = {1,in2…
o
o
o
o
o
n}, is computed as the optimal value to the following linear programming problem:
time period t+1.
o
o
time period t+1.
Min θ
The first of the mixed-period measures, which is defined as Dot ( xot 1 , yt ot 1 )t 1for t each
1
s.t. The first of the mixed-period measures, which is defined as Do ( xo , yo ) for each
n
DMU
o , t oQ =t +1{1, 2… n}, is computed as the optimal value to the following linear
θ xio= , i{1,
1,2…
2,..., n},
=
m, is computed as the optimal value to the following linear
DMU
∑ λ jox,ij ≤oQ
j =1
programming problem:
(2)
n
+1
programming
,r=
1, 2 ,...,s,
∑ λ j y trj ≥ y troproblem:
j =1
λ j ≥ 0, j =
1, 2 ,...,n.
In a similar way, the other mixed-period measure, Dot +1 ( x ot , y ot ) , can be obtained. Then the (input-oriented)
Malmquist productivity index can be expressed as
Dot ( xot +1 , yot +1 ) Dot +1 ( xot +1 , yot +1 ) 1 / 2 (3)
]
Mo= [ t t t
Do ( xo , yo ) Dot +1 ( xot , yot )
Färe, Grosskopf, Lindgren, and Roos (1992) suggested M o > 1 indicates productivity gain; M o < 1 indicates
productivity loss; and M o = 1 means no change in productivity from time t to t+1. Further, Färe, Grosskopf,
Lindgren, and Roos (1992) decomposed their Malmquist productivity index into two components:
M o =[
Dot ( xot +1 , yot +1 ) Dot +1 ( xot +1 , yot +1 ) 1 / 2
]
Dot ( xot , yot ) Dot +1 ( xot , yot )
Dot +1 ( xot +1 , yot +1 ) Dot ( xot +1 , yot +1 ) Dot ( xot , yot ) 1 / 2
[
] (4)
Dot ( xot , yot ) * Dot +1 ( xot +1 , yot +1 ) Dot +1 ( xot , yot )
=
The first component, TECo =
Dot +1 ( xot +1 , yot +1 )
, measures the change in technical efficiency. The second
Dot ( xot , yot )
Dot ( xot +1 , yot +1 ) Dot ( xot , yot ) 1 / 2
] , measures the technology frontier shift between
component, FSo = [ t +1 t +1 t +1
Do ( xo , yo ) Dot +1 ( xot , yot )
time period t and t+1.
168
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
Färe, Grosskopf, Lindgren, and Roos (1992) and Färe, Grosskopf, and Lovell, (1994a) pointed out that a
value of FSo > 1 indicates a positive shift or technical progress, a value of FSo < 1 indicates a negative shift or
technical regression, and value of FSo = 1 indicates no shift in the technology frontier.
Chen and Ali (2004) studied
(a) If
Dot ( xot +1 , yot +1 )
Dot ( xot , yot )
and
in FSo and concluded the following:
Dot +1 ( xot +1 , yot +1 )
Dot +1 ( xot , yot )
Dot ( xot +1 , yot +1 )
Dot ( xot , yot )
>
1
and
> 1, then the FSo must be larger than 1, indicating that
Dot +1 ( xot +1 , yot +1 )
Dot +1 ( xot , yot )
DMUo is projected onto a facet that has a positive shift, and the technology of DMUo progresses.
(b) If
Dot ( xot +1 , yot +1 )
Dot ( xot , yot )
<
1
and
< 1, then the FSo must be less than one, indicating that
Dot +1 ( xot +1 , yot +1 )
Dot +1 ( xot , yot )
DMUo will be projected onto a facet that has a negative shift, and the technology of DMUo declines.
(c) If
Dot ( xot +1 , yot +1 )
Dot ( xot , yot )
>
1
and
< 1, then FSo could be larger or less than 1, then it is
Dot +1 ( xot +1 , yot +1 )
Dot +1 ( xot , yot )
concluded the technology of DMUo moves from a negative shift facet towards a positive shift facet. In addition,
a change occurs in the tradeoff between the two inputs. Furthermore, FSo > 1 indicates the change resulting
from the positive shift facet is larger than is the negative shift facet, and on average, the technology of DMUo
progresses. FSo < 1, indicates the change resulting from the positive shift facet is less than is the negative
shift facet, and on average, the technology of DMUo declines. FSo = 1 indicates, on average, the technology
of DMUo remains the same.
(d) If
Dot ( xot +1 , yot +1 )
Dot ( xot , yot )
<
1
and
> 1, then FSo could be larger or less than 1. It can be
Dot +1 ( xot +1 , yot +1 )
Dot +1 ( xot , yot )
concluded the technology of DMUo moves from a positive shift facet towards a negative shift facet. In addition, a shift occurs in the tradeoff between the two inputs. Similar to case (c), FSo > 1 indicates, on average,
the technology of DMUo progresses. FSo < 1, indicates, on average, the technology of DMUo declines. FSo =
1 indicates, on average, the technology of DMUo remains the same.
For the last two cases (c) and (d), it can be said DMUo changed its strategy because a change in the tradeoff
between the two inputs occurred. From a productivity point of view, (c) is a more favorable situation for DMUo
than is (d). In this case, DMU represents the individual automaker.
Data and Results
In Fortune Magazine’s Global 500 companies, from 1991 to 1997, four American companies, eight
Japanese companies, nine European companies, and one South Korean company represented the automobile
industry. Fortune Magazine published a set of measures to characterize the performances of the companies.
The measures were defined as follows:
• Revenues: Sales revenues in the annual income statement
• Profits: Net income before extraordinary items and discontinued operations in the annual incomes
statement
• Assets: Total assets in the annual balance sheet, including total current assets and non-current assets
• Equity: Total equity in the annual balance sheet, which is equal to total assets minus total liabilities
• Employees: Number of employees, either a fiscal year-end or yearly average, as published by the
corporation.
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
169
Although the currencies of the countries considered in this paper are different, such differences do not
affect the DEA analysis. This is because revenue, profits, assets, and equity are measured in US$ by Fortune
Magazine.
Based on the financial data of revenues, profits, assets, stockholders’ equity, and number of employees,
Fortune Magazine also ranked the top companies via six performance measures, namely, the biggest increases
in revenues, highest profits, biggest increases in profits, highest returns on revenues, highest returns on assets, and largest number of employees. Fortune Magazine’s performance measures are traditional financial
accounting measures popularly used in the business world.
Reported individual measures and simple ratios, such as return-on-assets and earnings-per-share, do not
provide an assessment as comprehensive as possible when several measures are taken into account simultaneously, and sometimes, they may even give misleading signals for continuous improvement and innovation.
Some managers and academic researchers have claimed, “The traditional financial performance measures
worked well for the industrial era, but they are out of step with the skills and competencies [that companies]
are trying to master today” (Kaplan & Norton, 1992).
Based upon the above measures, a labor efficiency index and a resource (capacity) utilization index are
defined. The labor efficiency index uses an input-oriented CCR model with “employees” as the only input
and “revenues,” “assets,” and “equity” as three outputs. The resource utilization index uses an input-oriented
CCR model with “assets, “equity,” and “employees” as the three inputs and “revenues” as the only output.
Note the Malmquist approach used is based upon the CCR model, not the BCC model of Banker, Charnes,
and Cooper (1984). This is because the BCC-based Malmquist model must be feasible for some units under
evaluation. Please see Seiford and Zhu (1999) and Lee, Chu, and Zhu (2011).
In fact, corporations have recently been in flux and have sought to determine the effectiveness of the labor
force. Downsizing, rightsizing, and production efficiency are based on the effective use of the labor force. The
labor efficiency index is defined to determine a performance frontier (best practice) in terms of revenues, assets, and equity (output measures), and employees (input measure). The outputs are very important measures
of financial performance and implicitly embody the activity of the labor force. The premise for this index is
each employee contributes to the overall financial strength of a company.
The resource utilization index determines a performance frontier in terms of revenues (output measure) and
assets, stockholders’ equity, and employees (input measures). The index is based on the financial accounting
measure turnover, which equals to revenues divided by assets. Turnover measures the rate at which a company’s resources (assets) are turned into revenues. In the index used in this study, the concept of a company’s
resources is extended to a broader range, including equity and number of employees. The index also indicates
whether a company generates healthy revenues with respect to these resources.
The Malmquist productivity index discussed in the previous section is used next to perform a study on measurement of productivity change in labor efficiency and resource (capacity) utilization in the automobile industry.
The results are presented first in Tables 1 to 10 as follows. Tables 1 and 2 report the technical efficiency
change ratio (TECo ) in terms of resource utilization and labor efficiency, respectively. Table 3 reports the frontier
shift in terms of resource utilization. Table 4 reports the two ratios in FSo in terms of the resource utilization.
Table 5 reports the frontier shift in terms of labor efficiency. Table 6 reports the two ratios in FSo in terms of
labor efficiency. Table 7 represents the Malmquist productivity change in terms of resource utilization. Table
8 summarizes the ratio components for the Malmquist productivity change in terms of resource utilization.
Table 9 represents the Malmquist productivity change in terms of the labor efficiency measure. Table 10 summarizes the ratio components for Malmquist productivity change in terms of the labor efficiency measure.
The performance of American auto companies during the period 1991-1997 is examined below. Because
total motor vehicle sales reflect general economic conditions, and motor vehicle buying decisions are influenced
heavily by changes in disposable personal income and consumer confidence levels, the national economic
recession of 1991 had a strong impact on motor vehicle sales. The sharp sales decline in sales made numerous
North American plants among the Big Three close temporarily for inventory correction, and car production
was below planned levels in that year. Along with the recovery of the USA economy, sales of domestically
produced cars in the USA, Canada, and Mexico rose 13%, to about 6.9 million in 1992.
The sales fluctuation had an impact on American auto companies’ productivity change. From Table 3, in
1991-1992, the range of the Malmquist productivity improvement for the four American companies varies from
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
170
16.3% for TRW to 54.4% for GM in terms of resource utilization. During the same period, Table 9 indicates
the range of the Malmquist productivity improvement for the four American companies varies from 4.5% for
GM to 16.8% for TRW in terms of labor efficiency.
With respect to resource utilization, Table 8 indicates the productivity gains (Mo >1) for Ford and GM
resulted from the technical efficiency progress (TECo >1) plus the technology movement from a negative shift
facet (the second ratio in FSo < 1) towards a positive shift facet (the first ratio in FSo > 1). This indicates the
strategy shift to dedicating most of their efforts and resources toward increasing production efficiency, improving quality, reducing costs, and shortening the time from concept to production paid off. The productivity
gains for Chrysler and TRW resulted from the technical efficiency progress (TECo > 1 in Table 8) mixed with
the technology regress (both ratios of FSo < 1 in Table 8).
With respect to labor efficiency, Table 10 shows the Malmquist productivity changes for the Big Three
resulted from the technology gain (both ratios of FSo > 1 in Table 10) mixed with efficiency loss (TECo < 1 in
Table 10). For TRW, the Malmquist productivity gain is from the efficiency progress (TECo > 1 in Table 10),
mixed with technology regress (both ratios of FSo < 1 in Table 10).
In 1992, Ford estimated and claimed the aggregate worldwide motor vehicle production capacity exceeded
worldwide demand by approximately eight million units. It was mainly because of (a) Japanese automakers’
recent capacity addition in North America, Asia, and the United Kingdom, and (b) the failure of GM to reduce
its plant capacity to be in line with the market share losses during the 1980s.
The influence of this overcapacity trend in the resource utilization reports can be seen. Table 3 indicates
(a) during 1991-1992, 19 of the 22 companies had negative technology frontier shift (FSo < 1) and (b) during
1992 to 1993, 14 of 22 companies had negative technology frontier shifts. Overcapacity may be the main
reason for the negative technology frontier shifts.
In 1993, U.S. automakers were in a better position to aggressively compete with foreign automakers in
general and with Japanese automakers in particular because of (a) the strengthening of the U.S. economy; (b)
rapid growth in the demand for light trucks (a market segment dominated by the Big Three); (c) a sharp rise
in the value of the Japanese yen versus the U.S. dollar, which left Japanese automakers at a severe competitive disadvantage in terms of vehicle pricing; and (d) a significant improvement in the quality and styling of
Big Three vehicles. Therefore, Chrysler, Ford, and GM have a Malmquist productivity gain 13.7%, 2.1%, and
12.6% for labor efficiency, and 7.1%, 11.1%, and 4.0% for resource utilization respectively during 1992 and
1993, as shown in Tables 7 and 9.
From 1993 to 1994, in terms of labor efficiency, Table 9 shows all four American companies have a
Malmquist productivity gain, but only Chrysler is in the most desirable situation. The productivity gain of
Chrysler is not only from the efficiency improvement (TECo > 1 in Table 10) but also from technology progress
(both ratios in FSo > 1 in Table 10). In terms of resource utilization, Table 7 shows only GM has a Malmquist
productivity decline. Table 8 shows this loss was the result of an efficiency decline (TECo < 1). This may be
due to two strikes by the United Auto Workers (UAW) union at the GM plants during the third quarter of 1994.
The strikes forced GM to stop production at a number of assembly plants for several days.
Meanwhile, note that Chrysler’s Malmquist productivity improves. The gain is the result of the positive
value of the technology frontier shift; Table 8 shows (a) the technology of Chrysler moved from a positive
shift facet to a negative shift facet, and (b) the technical efficiency of Chrysler even declined with respect to
the regressed technology frontier facet. This is the most undesirable case because it indicates not only an unfavorable strategy shift, but also an efficiency decline with respect to the regressed technology frontier facet.
Despite the long-term worldwide capacity situation, in 1994, overcapacity in the North American market
was beginning to decline. This is because of (a) the improving market demand in North America, (b) increased
aggregate market share garnered by the Big Three, and (c) a steady increase in exports from North America
to foreign markets. Note Table 3 shows 16 of the 22 companies during the 1993-1994 period, 21 of 22 during
the 1994-1995 period, and 11 of 22 during the 1995-1996 period have positive technology frontier shifts in
terms of resource utilization, which is strongly associated with the capacity utilization.
Although the problems caused by excess worldwide motor vehicle production capacity appeared to have
abated in the 1994-1996 period, because the cyclical upturn in vehicle sales in the USA along with a market
shift in the sales patterns in favor of light trucks permitted American automakers to earn strong profit in these
years, Standard and Poor claimed in 1996 political shifts and socioeconomic change around the world would
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
171
lead to a renewal of the problem. Table 3 shows that 21 of 22 companies have negative technology frontier
shifts in terms of resource utilization, confirming Standard and Poor’s statement.
With respect to labor efficiency, Table 9 shows the productivity gain for the Big Three varies from 2.2%
for Chrysler to 8.0% for Ford during the 1994-1995 period, from 4.7% for Chrysler to 12%% for GM during the 1995-1996 period, and from 7.7% for GM to 9.7% for Chrysler during the 1996-1997 period. Table
10 shows the gains resulting from a combined effect of efficiency improvement and technology decline.
The only exception is GM during the 1996-1997 period. According to Standard and Poor’s industry survey,
during this particular period, GM’s efforts to reduce the number of workers required to accomplish a given
production level was facing increased resistance from the UAW. The continuous strike organized by UAW
at various carefully selected plants forced GM to recognize continuing difficulties in achieving productivity
gains from the UAW workforce. Thus, GM changed its labor efficiency strategy by reducing the number of
workers required to accomplish a given production level and redesigned vehicles so that fewer parts and less
time to manufacture were required. Tables 9 and 10 indicate this strategy shift. The analysis shows that GM’s
labor productivity gain resulted from the technical efficiency improvement mixed with the technology frontier
shift, and the frontier moved from a negative shift facet to a positive shift facet. The analysis indicates this
strategy shift is a desirable one.
With respect to resource utilization, a strategy shift can be identified for a particular company in a particular
period; for example, Tables 3 and 4 show the 4.7% productivity gain for TRW during the 1996-1997 period is
from technical efficiency improvement mixed with the movement of technology frontier, which shifted from
a negative shift facet to a positive shift facet. This indicates the strategy shift is a desirable one. Furthermore,
technical efficiency improved with respect to the positive shift frontier.
Finally, Table 8 shows that during the 1995-1996 period, the technology frontier of GM moved from a
negative shift facet (the second ratio in FSo < 1) to a positive shift facet (the first ratio in FSo > 1) in terms of
resource utilization. In fact, for the Big Three, the degree of reliance on independent parts suppliers varies
greatly. GM purchases only 30% of its vehicle content from independent original equipment manufacturers
(OEMs). By comparison, Ford outsources 50% of its vehicle content, and Chrysler more than 70%. Because
its outsource level is much lower than that of its competitors, GM is seeking to reduce costs and improve efficiencies through a new resource utilization strategy called “common, common, common,” that is, by using
common global designs, platforms, parts, and processes. The assessment confirms this positive strategy shift.
Conclusions
Compared to Fortune 500 rankings and single ratio measures, more comprehensive information about
the performance of an industry and company can be provided using resource utilization and labor efficiency
measures. The Malmquist productivity indexes cannot only reveal productivity trends of industries and companies, but also identify the strategy shifts of companies over time and furthermore, provide information on
whether shifts are beneficial.
Managerial information about strategy shifts obtained from the analysis of components of the Malmquist
productivity indexes is important and valuable because managers desperately need to know whether particular strategies are working well. All strategies should be subject to future modification because external and
internal factors are constantly changing.
The application in this paper uses Fortune Magazine’s Global 500 data. Despite the limitations of the
available data, the empirical study demonstrates the applicability of the new framework of productivity assessment developed in Chen and Ali (2004). In future research, the approach might be applied to service and
manufacturing operations using more extensive data, such as a company’s inventories, research and development investments, intangible assets, taxes payable, and operating expenses.
It should be acknowledged the automobile industry is currently undergoing a completely new phase due
to current economic conditions throughout the world. Major car manufacturers worldwide have announced
losses or declining profits. To obtain further information on the auto industry, the current analysis would need
to be extended using data sets that are more recent.
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
172
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Author Note
Yao Chen, College of Management, University of Massachusetts, Lowell, MA 01845, USA.
Correspondence concerning this article should be directed to Yao Chen, Email: [email protected]
The author is grateful for the comments and suggestions made by an anonymous reviewer.
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
Appendix
Table 1
Resource Utilization Index for Auto Industry of Technical Efficiency Change
Company
92/91
93/92
94/93
95/94
96/95
97/96
Chrysler
1.4051
1.1684
0.9850
0.6835
1.2618
1.0545
Ford
1.2827
0.8761
0.9824
0.8649
0.9803
1.1039
GM
1.5177
1.5471
0.5424
0.8304
0.9997
1.2510
TRW
1.7849
1.0000
1.0000
1.0000
0.5925
1.0479
Fujiheavy
1.6606
0.9979
1.0443
1.0000
1.0000
1.0000
Honda
1.2666
1.0367
0.8721
0.8718
1.0377
1.1795
Isuzu
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
Mazda
1.0000
1.0000
1.0000
0.7879
1.1298
1.0734
Mitsubishi
1.0773
0.9019
1.1088
1.0000
0.8006
1.2490
Nissan
1.1662
0.9281
0.9011
1.1393
1.0797
1.0178
Suzuki
1.2471
1.0000
1.0000
1.0000
1.0000
1.0000
Toyota
1.0000
0.6144
1.0565
0.9225
0.9939
0.9378
Peugeot
1.5730
1.0417
0.9306
0.7824
0.8754
1.1595
Renault
2.0495
0.6961
0.8391
0.8201
1.0430
1.1906
Bosch
1.7202
0.9718
0.8961
0.9239
0.7049
1.0511
Benz
1.5410
1.0277
0.8673
0.7578
0.8617
1.1523
BMW
1.8175
0.7273
0.4014
2.2487
0.9399
1.1412
Man
1.1040
1.2073
0.7897
1.1293
0.8518
1.0729
Volkswagen
1.6815
0.9060
0.7373
0.9408
1.0689
1.1534
Volvo
1.6910
1.0645
1.0912
0.7780
0.8967
1.2841
Fiat
1.7365
0.8831
0.9486
0.8238
0.9356
1.2320
Hyundai
1.3070
1.0326
1.1119
0.8064
0.9400
1.3788
Industry ave.
1.4377
0.9831
0.9139
0.9596
0.9543
1.1241
95/94
96/95
97/96
Note. * Industry average is the average of the sample.
Table 2
Labor Efficiency Index for Auto Industry of Technical Efficiency Change
Company
92/91
93/92
94/93
Chrysler
0.8433
0.8165
1.0343
1.1894
1.1248
1.1710
Ford
0.9570
0.8142
0.8934
1.2215
1.0706
1.1143
GM
0.9448
0.7497
0.9333
1.2101
1.1892
1.0835
TRW
1.2174
0.7734
0.9072
1.1401
1.1337
0.8485
Fujiheavy
1.6336
0.8782
0.8997
0.9407
0.8693
1.0627
Honda
1.0700
0.8626
0.9704
1.0578
1.1113
1.0711
Isuzu
1.1532
1.5038
0.8637
1.1578
1.0000
1.0000
Mazda
0.5955
1.2554
0.8257
0.8803
1.3409
0.8480
Mitsubishi
1.1829
0.7850
1.6455
1.0000
1.0000
1.0000
Nissan
1.1933
0.8856
0.9336
0.9641
0.9958
1.0126
Suzuki
1.1734
0.8831
1.7656
1.0710
1.0162
1.0262
Toyota
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
173
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
174
Peugeot
1.1210
0.7718
1.0661
1.2337
1.0766
1.0179
Renault
0.7154
0.8766
0.9925
1.2465
0.9567
1.0003
Bosch
1.1816
0.7704
0.9369
1.2036
1.0229
1.0779
Benz
1.1145
0.7291
1.0188
1.2085
1.4281
1.1090
BMW
1.4455
0.5331
1.4352
0.6644
1.0952
1.0843
Man
1.1114
0.7614
0.8536
1.1441
1.1329
0.9594
Volkswagen
1.0371
0.6847
0.9844
1.2721
1.0222
0.9180
Volvo
0.8494
0.5958
1.3586
1.0327
1.2579
1.0381
Fiat
0.7587
0.7189
1.0426
1.3396
1.1769
1.0346
Hyundai
1.0007
0.8775
0.9373
1.1370
1.0657
0.9092
Industry ave.
1.0591
0.8421
1.0590
1.1052
1.0949
1.0176
96/95
97/96
Note. * Industry average is the average of the sample.
Table 3
Resource Utilization Index for Auto Industry of Technology Frontier Change
Company
92/91
93/92
94/93
95/94
Chrysler
0.8787
0.9735
1.0372
1.3834
0.8923
0.9122
Ford
0.9753
1.1656
1.0793
1.1416
1.0136
0.8944
GM
1.0173
0.7284
1.3076
1.0843
1.0011
0.8400
TRW
0.6518
0.9674
1.0742
1.0798
1.7031
0.9989
Fujiheavy
0.8336
1.1414
1.1021
1.2054
0.9627
0.9005
Honda
0.7431
0.9672
1.0340
1.3515
0.9923
0.8193
Isuzu
1.0952
1.3406
0.9796
1.0535
1.0632
0.8742
Mazda
0.7794
0.9970
0.9813
1.3552
0.8988
0.8968
Mitsubishi
0.8821
1.0873
0.9177
1.1947
1.1958
0.8542
Nissan
0.8102
1.1000
1.0491
1.1677
0.9370
0.9076
Suzuki
0.7388
0.9748
0.9352
1.2069
0.9911
0.9322
Toyota
0.9292
1.5554
0.8899
1.2358
1.0266
0.9256
Peugeot
0.6689
0.9215
1.0532
1.2443
1.2391
0.8114
Renault
0.7806
0.9518
1.0791
1.2893
1.0152
0.8759
Bosch
0.6419
0.9455
1.0448
1.1362
1.4738
0.9561
Benz
0.7021
0.9478
1.1145
1.2542
1.0350
0.8136
BMW
0.7622
0.9561
1.0141
1.2766
1.1225
0.8653
Man
0.7559
0.9482
1.1030
1.2429
1.3829
0.9207
Volkswagen
0.7504
0.9536
1.2902
1.2037
0.9757
0.8681
Volvo
0.7807
0.9591
1.0472
1.3168
1.0913
0.8145
Fiat
0.7644
0.9520
1.0452
1.2595
1.0640
0.8589
Hyundai
0.7633
0.9497
1.0395
1.2182
1.0898
0.9057
Industry ave.
0.7972
1.0106
1.0512
1.2197
1.0840
0.8826
Note. * Industry average equals to geometrical mean of the sample.
26
26
26 26
26 2626
26
26 26
Table 4
Resource Utilization
Index
Auto Industry
of Component
InformationInformation
on Technology Frontier
Change
Utilization
Index
forforAuto
Industry
of Component
on Technology
t 1
o
92/91
t 1 t t t t1t
o o o o oo
tt t
oo o
t 1
o
93/92
t
o
t t1
oo
94/93
tt
oo
tt
ooo
t t 1
oo
95/94
t
o
tt
oo
96/95
t t
oo
t
o
97/96
t 1 tt t t t11t 1 ttt11t11t t 1 t 1
o oo o oo o ooo o o o o
t t1 t tt t t t1 t t 1
o o o oo o o o o o
ttt 11ttt11t 1 t t11t 1
ooo ooo o oo o o
t 1 t
o o
t 1t t t tt1tt11 ttt 11t11t t1t11 t 1
o o o o oooo oooo o o o o o
t
o
tt
t111
111 t t1
t t t ttt1 t t 11tt1t t1t 1t 1
o oo
o o o ooo o o oo o ooooo
t
o
t
o
tt t t 1 t 1t 1tttt 11 tttt11t1
t t1t1tt1
t1111t 1 t tt11 t
oo oo oo o oooo oooo oooo o oooo o ooo
o
t 1 t 1t t11t 1t tt11t1t 1t1t1t 111t t1t1t1t11 t 1 t 1
tt t t t 1t 1t t 1tt1
o o o o o o o oo
o
o
Volvo
Fiat
Hyundai
Hyundai
0.8125
0.7684
0.7580
0.7604
0.7688
0.7580
0.7502
0.9528
0.9536
0.9511
0.9459
1.0412
1.0369
1.0491
1.0422
0.7688
1.0422
0.9520 0.9536
0.9664 0.94591.03981.03691.0546
1.2368 1.3357
1.1999
1.2983
1.2818
1.2376
1.2368
1.1999
1.0432
1.0691
1.0447
1.0432
1.1384
1.1139
1.0837
1.1384
0.8614
0.9443
0.9443
0.8108
0.8564
0.8688
0.8688
0.8181
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
hrysler
0.8487 0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
1.3890
0.8999
0.8847
0.9118
0.9126
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
1.3890
0.8999
0.8847
0.9118
0.9126
1.3890
0.8999
0.8847
0.9118
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.3890
0.8999
0.8847
0.9118
0.9126
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0980
1.1441
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
ord Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.06101.0980
1.09801.1441
1.1441
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
1.1392
1.0141
1.0131
0.9012
1.1392
1.0141
1.0131
0.9012
0.8876
GM GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.0404
1.0025
0.9996
0.8479
0.8321
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.1392
1.0141
1.0131
0.9012
0.8876
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.0404
1.0025
0.9996
0.8479
0.8321
M Ford
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.0404
1.0025
0.9996
0.8479
0.8321
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
GM
1.2339 0.6519
0.8388 0.9469
0.6971 0.9883
0.7612 1.0434
1.0935 1.1059
1.5635 1.0279
1.1302 1.1343
1.0404
1.0025
0.9996
0.8479
0.8321
1.0404
1.0025
0.9996
0.8479
1.0404
1.0025
0.9996
0.8479
0.8321
TRW
0.6518
0.6519
0.6518
0.9469
0.9883
1.0434
1.1059
1.0279
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
0.9656
TRW TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
0.9656
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
0.9656
RWGM
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
0.9656
1.0404
1.0025
0.9996
0.8479
0.8321
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRWFujiheavy
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRWTRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
1.1343
1.6960
1.7102
1.0334
0.9656
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995 1.2688
1.2688 1.1452
0.9878
0.9382
0.9065
0.8946
1.14520.9878
0.9878
0.9382
0.9065
0.8946
FujiheavyFujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.1452
0.9878
0.9382
0.9065
0.8946
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9878
0.9382
0.9065
0.8946
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9382
0.9065
0.8946
ujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9878
0.9382
0.9065
0.8946
1.1452
0.9878
0.9382
0.9065
0.8946
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9878
0.9382
0.9065
0.8946
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9878
0.9382
0.9065
1.1343
1.6960
1.7102
1.0334
0.9656
1.1452
0.9878
0.9382
0.9065
0.8946
1.1452
0.9878
0.9382
0.9065
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.1452 0.9976
0.9878
0.9382
0.9065
0.8946
0.7509
0.9732
0.9612
1.0175
1.0508 1.3463
1.3463 1.3568
0.9870
0.8182
0.8204
1.3568
0.9976
0.9870
0.8182
0.8204
Honda Honda
0.73530.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3568
0.9976
0.9870
0.8182
0.8204
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
0.8204
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
0.82040.8204
ondaHonda
0.7353 0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
0.8204
1.3568
0.9976
0.9870
0.8182
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
0.8204
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
1.3568
0.9976
0.9870
0.8182
0.8204
1.3568
0.9870
0.8182
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.34631.1452
0.9719
1.0640
1.0625
0.8766
0.8717
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
1.3568
0.9976
0.9870
0.8182
0.8204
0.9878
0.9382
0.9065
0.8946
0.9719
1.06400.9976
1.0625
0.8766
0.8717
Isuzu Isuzu
1.17731.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.8717
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.8717
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.87170.8717
uzu IsuzuIsuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.8717
0.9719
1.0640
1.0625
0.8766
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
IsuzuMazda
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
1.3226
0.8881
0.9095
0.8762
0.9179
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.8717
0.9719
1.0640
1.0625
0.8766
0.8717
0.9719
1.0640
1.0625
0.8766
1.3226
0.8881
0.9095
0.8762
0.9179
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
0.9719
1.0640
1.0625
0.8766
0.8717
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3226
0.8881
0.9095
0.8762
0.9179
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
1.3568
0.9976
0.9870
0.8182
0.8204
1.3226
0.8881
0.9095
0.8762
0.9179
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
1.3226
0.8881
0.9095
0.8762
0.91790.9179
azdaMazda
0.7684 0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Mazda
0.7684
0.7905
1.0400
0.9557
0.97891.0582
0.9837
1.3887
1.3226
0.8881
0.9095
0.8762
0.9179
1.3226
0.8881
0.9095
0.8762
Mitsubishi
0.8969
0.8675
1.1220
1.0536
0.7959
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Mitsubishi
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
1.3226
0.8881
0.9095
0.8762
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
1.3226
0.8881
0.9095
0.8762
0.9179
1.3226
0.8881
0.9095
0.8762
Mitsubishi
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
1.3226
0.8881
0.9095
0.8762
0.9179
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
1.32261.1910
0.88811.2007
0.9095
0.8762
0.9179
Mitsubishi
0.8969
0.8675
1.1220
1.0536
0.7959
1.05821.1420
1.1913 0.9719
1.1980
1.1910
1.2007
0.8529
0.8555
Isuzu
1.17730.8675
1.0189
1.6507
1.0888
0.9837
0.9754
Mitsubishi
1.0640
1.0625
0.8766
0.8717
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
0.8529
0.8555
itsubishi
Mitsubishi
0.8969
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
Nissan
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Nissan
Mitsubishi
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Mitsubishi
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
Mitsubishi
Nissan
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.86010.8969
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Mitsubishi
Nissan
Mitsubishi
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.19100.9518
1.2007
0.8529
0.8555
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Nissan
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9060
0.9093
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
issan
Nissan
1.3226
0.8881
0.9095
0.8762
0.9179
Suzuki
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Suzuki
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Nissan
Suzuki
Nissan
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
Nissan
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Suzuki
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
Nissan
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Nissan
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Suzuki
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
0.9259
0.9385
Toyota
uzuki
Suzuki
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Toyota
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.95711.0263
1.0263
0.9259
0.9385
Mitsubishi
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
Toyota
Suzuki
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
Suzuki
Suzuki
Toyota
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
Suzuki
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Toyota
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
0.9274
0.9239
Suzuki
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Peugeot
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
oyota
Peugeot
Toyota
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.02241.0308
1.0308
0.9274
0.9239
Peugeot
Nissan
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
Toyota
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
ToyotaPeugeot
Toyota
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
Toyota
Peugeot
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
0.8066
0.8163
Renault
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
Toyota
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
eugeot Renault Renault
Peugeot
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.6718 0.7056
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.25531.2230
1.2230
0.8066
0.8163
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
Renault
Peugeot
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
Suzuki
Peugeot
Peugeot
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
Renault
Peugeot
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.8736
0.8782
Bosch
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
enault Bosch Bosch
Peugeot
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
Renault
0.7056 0.6376
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.03390.9968
0.9968
0.8736
0.8782
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
Bosch
Renault
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
Renault
Renault
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
Bosch
Toyota
Benz
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
Renault
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
osch Benz Benz
Bosch
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
0.9546
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.45351.4943
1.4943
0.9577
Renault
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.95010.9577
0.8056 0.9546
0.8217
Benz
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
Bosch
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
Bosch
Bosch
Benz
BMW
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
0.7130
0.69140.9492
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
Bosch
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
enzPeugeot
Benz
0.7130
0.6914
0.9463
1.0558
1.1765
1.2776
1.2311
1.1275
0.8217
BMW BMW
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.12750.9501
0.9501
0.8056
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.12760.8056
0.8668 0.8217
0.8638
Bosch
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
BMW
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
Benz
Man
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
Benz
Benz
BMW
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
0.7684
0.7561
0.95650.9492
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.86380.8217
0.7130
0.6914
0.9463
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
ManBenzBMW
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
MW
Man
Renault
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
0.8638
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.36050.8668
0.9426 0.8638
0.8994
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.11741.1276
1.1276
0.8668
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
Man
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
Benz
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
Volkswagen
BMW
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
Man
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
BMW
BMW
Volkswagen
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
BMW
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
Volkswagen
an Bosch
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.97280.9426
0.8774 0.8994
0.8589
Man
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
0.8994
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.40571.3605
1.3605
0.9426
Volkswagen
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
Volvo
BMW
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
Man
Volkswagen
Volvo
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
Man
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
Man
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
Volvo
Man Volkswagen
olkswagen
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.11390.8774
0.8108 0.8589
0.8181
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7559 0.8125
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.8589
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.97860.9728
0.9728
0.8774
Volvo
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
Fiat Volvo
Benz
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
Fiat
Man
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
Volkswagen
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
Volkswagen
Volkswagen
0.75590.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.97280.8108
0.87740.8181
0.8589
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
Volkswagen
olvo Fiat
Volvo
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
0.8125 0.7559
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8181
Fiat
0.8125
0.7502
0.9520
0.9664
1.0398
1.05461.2368
1.2983
1.3357
1.0691
1.1139
0.8108
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
Hyundai
0.7580
0.7688
0.9536
0.9459
1.0369
1.0422
1.1999
1.0432
1.1384
0.9443
0.8688
Hyundai
Fiat
0.7580
0.7688
0.9536
0.9459
1.0369
1.0422
1.2368
1.1999
1.0432
1.1384
0.9443
0.8688
Volvo
BMW
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
Volkswagen
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
Volvo
Volvo
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
Hyundai
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Change
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for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
esource
Utilization
Index
for
Auto
Industry
of
Component
Information
on Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
ofof
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Table
4Table
Table
4Table
4 4Table
ableTable
4 Table
Table
Table
44 4 4 4
4Table
Table 4
PRODUCTIVITY
OF OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
AUTOMOBILE
INDUSTIRES
RODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
INDUSTIRES
PRODUCTIVITYOF
OFAUTOMOBILE
AUTOMOBILE INDUSTIRES
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
175
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
176
Table 5
Labor Efficiency Index for Auto Industry of Technology Frontier Change
Company
Chrysler
Ford
GM
TRW
Fujiheavy
Honda
Isuzu
Mazda
Mitsubishi
Nissan
Suzuki
Toyota
Peugeot
Renault
Bosch
Benz
BMW
Man
Volkswagen
Volvo
Fiat
Hyundai
Industry ave.
92/91
1.1060
1.1060
1.1060
0.9597
1.0811
0.9597
0.9768
0.9597
0.9597
1.1060
0.9597
1.0302
0.9597
1.0302
0.9597
0.9820
1.0120
1.0318
1.0302
1.1060
1.1060
1.0164
1.0231
93/92
1.3120
1.3655
1.3867
1.3047
1.3438
1.2350
1.4331
1.3116
1.3393
1.2805
1.2687
1.1358
1.1896
1.3117
1.2635
1.3098
1.2960
1.3110
1.3315
1.2912
1.2906
1.3133
1.2997
94/93
1.2116
1.1827
1.1650
1.2102
1.1938
1.1597
1.1452
1.2286
1.2299
1.2075
1.1734
1.0740
1.1310
1.2181
1.1795
1.2173
1.1508
1.2230
1.2093
1.1818
1.2051
1.2235
1.1867
Note. * Industry average equals to geometrical mean of the sample.
95/94
0.8597
0.8840
0.8855
0.9665
1.0797
0.9309
0.9549
1.0054
0.9666
0.8578
0.9484
0.8106
0.9000
0.8584
0.9461
0.9046
0.8504
0.9107
0.8793
0.8936
0.8539
1.0109
0.9142
96/95
0.9315
0.9423
0.9424
0.9099
0.9212
0.9119
0.9483
0.9053
0.9227
0.9323
0.9096
0.9101
0.9181
0.9325
0.9107
0.9369
0.9318
0.9081
0.9431
0.9178
0.9311
0.9032
0.9236
97/96
0.9365
0.9788
0.9936
0.9103
0.8988
0.9111
0.9580
0.9050
0.9357
0.9346
0.9200
0.9210
0.9230
0.9352
0.9085
0.9400
0.9114
0.9078
0.9539
0.8999
0.9377
0.9049
0.9281
Table 6
Labor Efficiency
Index for
Industry
of Component
Information onInformation
Technology Frontier
Utilization
Index
forAuto
Auto
Industry
of Component
on
26
26
26 26
26 2626
26
26 26
t 1
o
92/91
t 1 t t t t1t
o o o o oo
tt t
oo o
t 1
o
93/92
t
o
t t1
oo
94/93
tt
oo
tt
ooo
t t 1
oo
95/94
t
o
tt
oo
96/95
t t
oo
t
o
97/96
t 1 tt t t t11t 1 ttt11t11t t 1 t 1
o oo o oo o ooo o o o o
t t1 t tt t t t1 t t 1
o o o oo o o o o o
ttt 11ttt11t 1 t t11t 1
ooo ooo o oo o o
t 1 t
o o
t 1t t t tt1tt11 ttt 11t11t t1t11 t 1
o o o o oooo oooo o o o o o
t
o
tt
t111
111 t t1
t t t ttt1 t t 11tt1t t1t 1t 1
o oo
o o o ooo o o oo o ooooo
t
o
t
o
tt t t 1 t 1t 1tttt 11 tttt11t1
t t1t1tt1
t1111t 1 t tt11 t
oo oo oo o oooo oooo oooo o oooo o ooo
o
t 1 t 1t t11t 1t tt11t1t 1t1t1t 111t t1t1t1t11 t 1 t 1
tt t t t 1t 1t t 1tt1
o o o o o o o oo
o
o
Volvo
Fiat
Hyundai
Hyundai
0.8125
0.7684
0.7580
0.7604
0.7688
1.0046
0.7502
0.9528
0.9536
0.9511
0.9459
1.0412
1.0369
1.0491
1.0422
1.0283
1.2153
0.9520 1.2982
0.9664 1.32851.03981.23181.0546
1.0276 1.3357
0.9944
1.2983
1.2818
1.2376
1.2368
1.1999
0.9023
1.0691
1.0447
1.0432
0.9042
1.1139
1.0837
1.1384
0.8614
0.9443
0.9150
0.8108
0.8564
0.8688
0.8950
0.8181
Chrysler
1.1060
1.1060
1.3204
1.3037
1.2048
1.2184
0.8552
0.8642
0.9314
0.9315
0.9359
0.9372
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
hrysler
0.8487 0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
0.9126
1.3890
0.8999
0.8847
0.9118
0.9126
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
1.3890
0.8999
0.8847
0.9118
1.3890
0.8999
0.8847
0.9118
0.9126
1.3890
0.8999
0.8847
0.9118
1.3890
0.8999
0.8847
0.9118
0.9126
Chrysler
0.8487
0.9098
0.9719
0.9752
0.9962
1.0798
1.3777
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.3890
0.8999
0.8847
0.9118
0.9126
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0980
1.1441
Ford
1.1060
1.1060
1.3665
1.3644
1.1881
1.1772
0.8839
0.8842
0.9423
0.9422
0.9744
0.9832
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
ord Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
1.1392
1.0141
1.0131
0.9012
0.8876
Ford
1.0196
0.9330
1.2046
1.1278
1.06101.0980
1.09801.1441
1.1441
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
Ford
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.1392
1.0141
1.0131
0.9012
0.8876
1.1392
1.0141
1.0131
0.9012
1.1392
1.0141
1.0131
0.9012
0.8876
GM GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.0404
1.0025
0.9996
0.8479
0.8321
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.0196
0.9330
1.2046
1.1278
1.0610
1.0980
1.1441
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.1392
1.0141
1.0131
0.9012
0.8876
1.1060
1.1060
1.3867
1.3867
1.1700
1.1601
0.8828
0.8881
0.9424
0.9425
1.0079
0.9795
1.0404
1.0025
0.9996
0.8479
0.8321
M Ford
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
0.8321
1.0404
1.0025
0.9996
0.8479
0.8321
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
GM GM
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
1.0404
1.0025
0.9996
0.8479
GM
1.2339 0.6519
0.8388 0.9469
0.6971 0.9883
0.7612 1.0434
1.0935 1.1059
1.5635 1.0279
1.1302 1.1343
1.0404
1.0025
0.9996
0.8479
0.8321
1.0404
1.0025
0.9996
0.8479
1.0404
1.0025
0.9996
0.8479
0.8321
TRW
0.6518
0.6519
0.6518
0.9469
0.9883
1.0434
1.1059
1.0279
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
0.9656
TRW TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
0.9656
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
0.9656
RWGM
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.2339
0.8388
0.6971
0.7612
1.0935
1.5635
1.1302
TRW
0.9597
0.9597
1.2951
1.3143
1.2076
1.2127
0.9624
0.9706
0.9098
0.9099
0.9027
0.9181
1.1343
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
0.9656
1.0404
1.0025
0.9996
0.8479
0.8321
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRWFujiheavy
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
TRWTRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
1.1343
1.6960
1.7102
1.0334
0.9656
1.1343
1.6960
1.7102
1.0334
1.1343
1.6960
1.7102
1.0334
0.9656
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995 1.2688
1.2688 1.1452
0.9878
0.9382
0.9065
0.8946
1.14520.9878
0.9878
0.9382
0.9065
0.8946
FujiheavyFujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.1452
0.9878
0.9382
0.9065
0.8946
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9878
0.9382
0.9065
0.8946
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9382
0.9065
0.8946
ujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9878
0.9382
0.9065
0.8946
1.1452
0.9878
0.9382
0.9065
0.8946
Fujiheavy
1.0568
1.1060
1.3529
1.3347
1.1792
1.2085
1.0797
1.0797
0.9135
0.9290
0.8951
0.9025
TRW
0.6518
0.6519
0.9469
0.9883
1.0434
1.1059
1.0279
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
1.1452
0.9878
0.9382
0.9065
1.1343
1.6960
1.7102
1.0334
0.9656
1.1452
0.9878
0.9382
0.9065
0.8946
1.1452
0.9878
0.9382
0.9065
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.1452 0.9976
0.9878
0.9382
0.9065
0.8946
0.7509
0.9732
0.9612
1.0175
1.0508 1.3463
1.3463 1.3568
0.9870
0.8182
0.8204
1.3568
0.9976
0.9870
0.8182
0.8204
Honda Honda
0.73530.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3568
0.9976
0.9870
0.8182
0.8204
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
0.8204
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
0.82040.8204
ondaHonda
0.7353 0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
0.8204
1.3568
0.9976
0.9870
0.8182
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
Honda
0.9597
0.9597
1.2382
1.2318
1.1514
1.1680
0.9453
0.9168
0.9117
0.9120
0.9101
0.9122
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3568
0.9976
0.9870
0.8182
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
1.3568
0.9976
0.9870
0.8182
0.8204
1.3568
0.9870
0.8182
Fujiheavy
0.8817
0.7883
1.1638
1.1194
1.1047
1.0995
1.2688
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.34631.1452
0.9719
1.0640
1.0625
0.8766
0.8717
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
1.3568
0.9976
0.9870
0.8182
0.8204
0.9878
0.9382
0.9065
0.8946
0.9719
1.06400.9976
1.0625
0.8766
0.8717
Isuzu Isuzu
1.17731.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.8717
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.8717
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.87170.8717
uzu IsuzuIsuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
0.8717
0.9719
1.0640
1.0625
0.8766
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
IsuzuMazda
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
0.9719
1.0640
1.0625
0.8766
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
1.3226
0.8881
0.9095
0.8762
0.9179
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Isuzu
0.9836
0.9701
1.4348
1.4314
1.1510
1.1395
1.0178
0.8959
0.9554
0.9412
1.0140
0.9051
0.9719
1.0640
1.0625
0.8766
0.8717
0.9719
1.0640
1.0625
0.8766
1.3226
0.8881
0.9095
0.8762
0.9179
Isuzu
1.1773
1.0189
1.6507
1.0888
0.9837
0.9754
1.1420
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
0.9719
1.0640
1.0625
0.8766
0.8717
Honda
0.7353
0.7509
0.9732
0.9612
1.0175
1.0508
1.3463
1.3226
0.8881
0.9095
0.8762
0.9179
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
1.3568
0.9976
0.9870
0.8182
0.8204
1.3226
0.8881
0.9095
0.8762
0.9179
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
1.3226
0.8881
0.9095
0.8762
0.91790.9179
azdaMazda
0.7684 0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Mazda
0.7684
0.7905
1.0400
0.9557
0.97891.0582
0.9837
1.3887
1.3226
0.8881
0.9095
0.8762
0.9179
1.3226
0.8881
0.9095
0.8762
Mitsubishi
0.8969
0.8675
1.1220
1.0536
0.7959
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Mitsubishi
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
1.3226
0.8881
0.9095
0.8762
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
1.3226
0.8881
0.9095
0.8762
0.9179
1.3226
0.8881
0.9095
0.8762
Mitsubishi
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
Mazda
0.9597
0.9597
1.3113
1.3120
1.2311
1.2261
1.0172
0.9937
0.9059
0.9047
0.9034
0.9067
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
1.32261.1910
0.88811.2007
0.9095
0.8762
0.9179
Mitsubishi
0.8969
0.8675
1.1220
1.0536
0.7959
1.05821.1420
1.1913 0.9719
1.1980
1.1910
1.2007
0.8529
0.8555
Isuzu
1.17730.8675
1.0189
1.6507
1.0888
0.9837
0.9754
Mitsubishi
1.0640
1.0625
0.8766
0.8717
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
0.8529
0.8555
itsubishi
Mitsubishi
0.8969
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
Nissan
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Nissan
Mitsubishi
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Mitsubishi
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
Mitsubishi
Nissan
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.86010.9597
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Mitsubishi
Nissan
Mitsubishi
0.9597
1.3357
1.3429
1.2359
1.2240
1.0797
0.8654
0.9441
0.9019
0.9813
0.8921
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.19100.9518
1.2007
0.8529
0.8555
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Nissan
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9060
0.9093
Mazda
0.7684
0.7905
1.0400
0.9557
0.9789
0.9837
1.3887
issan
Nissan
1.3226
0.8881
0.9095
0.8762
0.9179
Suzuki
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Suzuki
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Nissan
Suzuki
Nissan
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
Nissan
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Suzuki
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
Nissan
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
Nissan
1.1060
1.1060
1.2870
1.2741
1.2115
1.2036
0.8588
0.8567
0.9326
0.9321
0.9339
0.9354
Suzuki
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
0.9259
0.9385
Toyota
uzuki
Suzuki
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Toyota
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.95711.0263
1.0263
0.9259
0.9385
Mitsubishi
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.8969
0.8675
1.1220
1.0536
0.7959
1.0582
1.1913
1.1980
1.1910
1.2007
0.8529
0.8555
Toyota
Suzuki
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
Suzuki
Suzuki
Toyota
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
Suzuki
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
Toyota
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
0.9274
0.9239
Suzuki
0.9597
0.9597
1.2564
1.2811
1.1649
1.1820
0.9659
0.9312
0.9097
0.9095
0.9223
0.9177
Peugeot
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
oyota
Peugeot
Toyota
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.02241.0308
1.0308
0.9274
0.9239
Peugeot
Nissan
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
Toyota
0.8601
0.7632
1.1641
1.0394
1.0581
1.0402
1.2456
1.0947
0.9226
0.9518
0.9060
0.9093
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
ToyotaPeugeot
Toyota
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
Toyota
Peugeot
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
0.8066
0.8163
Renault
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
Toyota
1.1060
0.9597
1.1774
1.0957
1.0971
1.0514
0.8614
0.7629
0.9231
0.8972
0.9506
0.8923
eugeot Renault Renault
Peugeot
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.6718 0.7056
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.25531.2230
1.2230
0.8066
0.8163
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
Renault
Peugeot
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
Suzuki
Peugeot
Peugeot
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.7330
0.7447
0.9633
0.9864
0.8245
1.0608
1.1419
1.2756
0.9571
1.0263
0.9259
0.9385
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
Renault
Peugeot
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.8736
0.8782
Bosch
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
enault Bosch Bosch
Peugeot
0.9597
0.9597
1.1877
1.1915
1.1310
1.1310
0.8978
0.9021
0.9163
0.9200
0.9422
0.9041
Renault
0.7056 0.6376
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.03390.9968
0.9968
0.8736
0.8782
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
Bosch
Renault
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
Renault
Renault
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
Bosch
Toyota
Benz
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
Renault
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
0.9083
0.9506
1.5756
1.5355
0.8896
0.8902
1.2335
1.2381
1.0224
1.0308
0.9274
0.9239
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
osch Benz Benz
Bosch
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
0.9546
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.45351.4943
1.4943
0.9577
Renault
0.9597
1.1060
1.3184
1.3049
1.2161
1.2202
0.8574
0.8595
0.9331
0.9319
0.9359
0.9345
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.95010.9577
0.8056 0.9546
0.8217
Benz
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
Bosch
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
Bosch
Bosch
Benz
BMW
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
0.7130
0.69140.9492
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
Bosch
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
0.6718
0.6660
0.9217
0.9213
1.0543
1.0521
1.2571
1.2316
1.2553
1.2230
0.8066
0.8163
enzPeugeot
Benz
0.7130
0.6914
0.9463
1.0558
1.1765
1.2776
1.2311
1.1275
0.8217
BMW BMW
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.12750.9501
0.9501
0.8056
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.12760.8056
0.8668 0.8217
0.8638
Bosch
0.9597
0.9597
1.2544
1.2727
1.1786
1.1804
0.9487
0.9434
0.9099
0.9116
0.9115
0.9054
BMW
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
Benz
Man
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
Benz
Benz
BMW
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
0.7684
0.7561
0.95650.9492
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.86380.8217
0.7130
0.6914
0.9463
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
ManBenzBMW
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
MW
Man
Renault
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
0.8638
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.36050.8668
0.9426 0.8638
0.8994
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.11741.1276
1.1276
0.8668
0.7056
0.8635
0.9472
0.9565
1.0443
1.1151
1.3041
1.2746
1.0339
0.9968
0.8736
0.8782
Man
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
Benz
0.9655
0.9988
1.3138
1.3059
1.2065
1.2282
0.9409
0.8697
0.9302
0.9437
0.9407
0.9393
Volkswagen
BMW
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
Man
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
BMW
BMW
Volkswagen
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
BMW
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
Volkswagen
an Bosch
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.97280.9426
0.8774 0.8994
0.8589
Man
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
0.8994
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.40571.3605
1.3605
0.9426
Volkswagen
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
0.6376
0.6463
0.9436
0.9475
1.0433
1.0463
1.1361
1.1363
1.4535
1.4943
0.9577
0.9546
Volvo
BMW
0.9597
1.0671
1.2802
1.3120
1.1056
1.1978
0.9126
0.7924
0.9318
0.9318
0.9168
0.9060
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
Man
Volkswagen
Volvo
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
Man
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
Man
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
Volvo
Man Volkswagen
olkswagen
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.11390.8774
0.8108 0.8589
0.8181
0.7675
0.7445
0.9477
0.9486
1.0739
1.1328
1.2024
1.2849
1.4057
1.3605
0.9426
0.8994
0.7559 0.8125
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.8589
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.97860.9728
0.9728
0.8774
Volvo
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
Fiat Volvo
Benz
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
0.7130
0.6914
0.9463
0.9492
1.0558
1.1765
1.2776
1.2311
1.1275
0.9501
0.8056
0.8217
Fiat
Man
1.1060
0.9626
1.3192
1.3029
1.2133
1.2328
0.9669
0.8578
0.9069
0.9094
0.9063
0.9094
Volkswagen
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
0.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
Volkswagen
Volkswagen
0.75590.7559
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.97280.8108
0.87740.8181
0.8589
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
Volkswagen
olvo Fiat
Volvo
0.7448
0.9608
0.9464
1.2973
1.2832
1.1697
1.2388
0.9786
0.9728
0.8774
0.8589
0.8125 0.7559
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8181
Fiat
0.8125
0.7502
0.9520
0.9664
1.0398
1.05461.2368
1.2983
1.3357
1.0691
1.1139
0.8108
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
Hyundai
0.7580
0.7688
0.9536
0.9459
1.0369
1.0422
1.1999
1.0432
1.1384
0.9443
0.8688
Hyundai
Fiat
0.7580
0.7688
0.9536
0.9459
1.0369
1.0422
1.2368
1.1999
1.0432
1.1384
0.9443
0.8688
Volvo
BMW
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
Volkswagen
0.9597
1.1060
1.3284
1.3346
1.2075
1.2110
0.8801
0.8785
0.9430
0.9431
0.9454
0.9625
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.7684
0.7561
0.9565
0.9557
1.0148
1.0134
1.2310
1.3238
1.1174
1.1276
0.8668
0.8638
Volvo
Volvo
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
0.8181
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108
Hyundai
0.7580
0.7688
0.9536
0.9459
1.0369
1.0422
1.2368
1.1999
1.0432
1.1384
0.9443
0.8688
iat
Volvo
Fiat
Hyundai
0.7684
0.7604
0.9528
0.9511
1.0491
1.2818
1.23761.1999
1.0447
0.8564
0.8125
0.7502
0.9520
0.9664
1.0398
1.0546
1.2983
1.3357
1.0691
1.1139
0.8108 0.8564
0.8181
0.7684
0.7604
0.95281.0412
0.9511 1.0369
1.0412 1.0422
1.0491 1.2368
1.2818
1.2376
1.04471.0837
1.0837 0.8614
0.8614
0.7580
0.7688
0.9536
0.9459
1.0432
1.1384
0.9443
0.8688
Hyundai0.7675
0.7580
0.7688
0.9536
0.9459
1.0369
1.0422
1.2368
1.1999
1.0432
1.1384
0.9443
0.86880.8997
Fiat
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
Fiat
Fiat
Volvo
1.1060
1.1060
1.2948
1.2876
1.1540
1.2102
0.9068
0.8805
0.9188
0.9168
0.9000
Man
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
1.2818
1.2376
1.0447
1.0837
0.8614
0.8564
0.7684
0.7604
0.9528
0.9511
1.0412
1.0491
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1.2376
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0.8614
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Fiat Hyundai
0.7580
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0.7580
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Time
Resource
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
esource
Utilization
Index
for
Auto
Industry
of
Component
Information
on Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
ofof
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Resource
Utilization
Index
for
Auto
Industry
of
Component
Information
on
Technology
Frontier
Change
Table
4Table
Table
4Table
4 4Table
ableTable
4 Table
Table
Table
44 4 4 4
4Table
Table 4
PRODUCTIVITY
OF OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
AUTOMOBILE
INDUSTIRES
RODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
OF
AUTOMOBILE
INDUSTIRES
PRODUCTIVITY
INDUSTIRES
PRODUCTIVITYOF
OFAUTOMOBILE
AUTOMOBILE INDUSTIRES
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
177
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
178
Table 7
Resource Utilization Index for Auto Industry of Malmquist Productivity Change
Company
92/91
93/92
94/93
95/94
96/95
97/96
Chrysler
1.2347
1.1374
1.0216
0.9455
1.1259
0.9619
Ford
1.2510
1.0211
1.0603
0.9874
0.9937
0.9873
GM
1.5440
1.1270
0.7092
0.9004
1.0008
1.0508
TRW
1.1635
0.9674
1.0742
1.0798
1.0091
1.0468
Fujiheavy
1.3843
1.1390
1.1509
1.2054
0.9627
0.9005
Honda
0.9412
1.0027
0.9018
1.1782
1.0296
0.9664
Isuzu
1.0952
1.3406
0.9796
1.0535
1.0632
0.8742
Mazda
0.7794
0.9970
0.9813
1.0678
1.0154
0.9626
Mitsubishi
0.9503
0.9806
1.0175
1.1947
0.9574
1.0669
Nissan
0.9449
1.0209
0.9454
1.3303
1.0117
0.9238
Suzuki
0.9214
0.9748
0.9352
1.2069
0.9911
0.9322
Toyota
0.9292
0.9557
0.9401
1.1401
1.0203
0.8680
Peugeot
1.0521
0.9599
0.9801
0.9735
1.0846
0.9409
Renault
1.5998
0.6626
0.9055
1.0573
1.0589
1.0429
Bosch
1.1043
0.9189
0.9363
1.0497
1.0389
1.0050
Benz
1.0819
0.9740
0.9666
0.9504
0.8918
0.9375
BMW
1.3853
0.6954
0.4070
2.8707
1.0551
0.9875
Man
0.8345
1.1447
0.8710
1.4036
1.1779
0.9878
Volkswagen
1.2617
0.8640
0.9513
1.1324
1.0429
1.0012
Volvo
1.3201
1.0210
1.1428
1.0245
0.9786
1.0458
Fiat
1.3274
0.8407
0.9915
1.0376
0.9954
1.0582
Hyundai
0.9977
0.9807
1.1558
0.9823
1.0244
1.2488
Industry ave.
1.1203
0.9766
0.9384
1.1327
1.0225
0.9877
Note. * Industry average equals to geometrical mean of the sample.
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
PRODUCTIVITY OF AUTOMOBILE INDUSTIRES
179
30
Table 8
Resource Utilization Index for Auto Industry of Component Information on Malmquist Productivity Change
OMOBILE INDUSTIRES
Time
Table
Ratios 8
Chrysler
30
92/91
1
2
3
93/92
4
1
2
3
94/93
4
1
2
3
95/94
4
1
2
3
96/95
4
1
2
3
97/96
4
1
2
3
4
<1 <1 >1 >1 <1 <1 >1 >1 <1 >1 <1 >1 >1 >1 <1 <1 <1 <1 >1 >1 <1 <1 >1 <1
Change
Resource
Utilization
Index
Industry
Component
Ford
>1 <1 >1
>1 for
>1 Auto
>1 <1
>1 >1of>1
<1 >1 >1Information
>1 <1 <1 on
>1 Malmquist
>1 <1 <1 Productivity
<1 <1 >1 <1
GM
>1 <1 >1 >1 <1 <1 >1 >1 >1 >1 <1 <1 >1 >1 <1 <1 >1 <1 <1 >1 <1 <1 >1 >1
Time
92/91
93/92
94/93
95/94
96/95
TRW
<1 <1 >1 >1 <1 <1 =1 <1 >1 >1 =1 >1 >1 >1 =1 >1 >1 >1 <1 >1 >1 <1 >1 >1
Ratios
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1
Fujiheavy Information
<1 <1
<1 <1
>1on>1
>1
>1 >1
>1 >1
<1 <1
<1 <1
Change
or Auto Industry of Component
Chrysler
>1Malmquist
>1 >1
<1 <1Productivity
<1>1>1>1 >1>1 <1
<1 >1
>1 =1
>1 >1>1<1<1<1 <1=1 <1
>1 =1
>1 <1
<1
Honda
<1 >1
<1 <1
>1 <1
<1 >1
<1 >1
>1 >1
<1 <1 >1
Ford
>1 <1
>1 <1
>1 >1>1>1<1>1 >1>1 >1
<1 >1
>1 <1
>1 >1>1<1<1<1 <1>1 >1
<1 <1
<1
93/92
94/93
95/94
96/95
97/96
GM
>1
<1
>1
>1
<1
<1
>1
>1
>1
>1
<1
<1
>1
>1
<1
<1
>1
<1
<1
>1
<1
Isuzu
>1 >1 =1 >1 >1 >1 =1 >1 <1 <1 =1 <1 >1 <1 =1 >1 >1 >1 =1 >1 <1 <1 =1 <1
4 1 2 3 4 TRW
1 2 3 4 <11 <12 >13 >14 <11 <12 =13 <14 >11 >12 =13 >14 >1 >1 =1 >1 >1 >1 <1 >1 >1
Mazda
<1 <1 =1 <1 >1 <1 =1 <1 <1 <1 =1 <1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 <1
>1 <1 <1 >1 >1 Fujiheavy
<1 >1 <1 >1 <1
>1 <1
>1 >1
<1 >1
<1 >1
<1 >1
<1 <1
>1 >1
>1 >1
<1 >1
<1 >1 >1
<1 >1 >1 =1 >1 <1 <1 =1 <1 <1
Mitsubishi
<1 >1
<1 >1
>1 <1
>1 <1
>1 >1
=1 >1 >1 >1 <1 <1 <1 <1 >1 >1
>1 >1 >1 <1 >1 Honda
>1 >1 <1 >1
>1 <1
<1 >1
<1 >1
>1 <1<1
>1<1>1
<1<1 >1
<1
>1 >1
<1 <1
>1
<1
<1
>1 >1
<1
<1 >1 >1 <1 >1 <1 <1 >1 >1 <1
Nissan
<1
<1
>1
<1
>1
>1
<1
>1
>1
>1
<1
<1
>1
>1
>1 >1
<1 <1
>1 <1 <1 >1 >1 Isuzu
>1 >1 <1 <1 >1
>1 >1
>1 =1
<1 >1
<1 >1
>1 >1
<1 =1
<1 >1
>1 <1
<1 <1
<1 =1
>1 <1
>1 >1
>1 >1<1<1=1<1 >1>1 >1
=1 >1
>1 <1
<1
>1 <1 <1 =1 <1 Mazda
>1 >1 =1 >1
>1
=1 <1
>1 <1
>1 =1<1
>1<1=1
<1<1 <1
>1
>1
<1
>1 >1
>1 =1
Suzuki
<1 <1
<1 <1
>1 <1
>1 <1
=1 <1
<1 >1
<1 <1
<1 <1
=1
<1
>1
=1
<1
>1 >1>1<1<1<1 >1=1 <1
>1 =1
>1 <1
<1
>1 >1 >1 <1 >1 Mitsubishi
>1 >1 >1 >1
>1
>1 >1
=1 >1
>1 >1
<1 <1>1
<1<1<1
=1<1 <1
<1
<1
<1
=1 >1
<1 <1
<1
>1
>1
>1
>1 >1>1>1=1>1 >1<1 >1
<1 <1
<1 <1
<1
Toyota
<1 <1
<1 <1
=1
<1
<1 <1
>1 >1
<1 >1
>1 >1
<1 <1
<1 <1 <1 >1 >1 Nissan
>1 >1 <1 <1 <1
>1 <1
>1 >1
<1 <1
>1 >1
<1 >1
<1 <1
>1 >1
>1 >1
<1 >1
<1 <1
>1 <1 >1 >1 >1 >1 <1 <1 >1 >1 <1
Peugeot
<1 <1 >1 >1 <1 <1 >1 <1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 >1 <1 <1 >1 <1
>1 >1 >1 =1 >1 Suzuki
<1 <1 =1 <1 <1
>1 <1
<1 >1
=1 <1
>1 <1
>1 <1
>1 =1
=1 <1
>1 <1
<1 >1
<1 =1 <1 >1 >1 =1 >1 <1 <1 =1 <1 <1
Renault
<1 <1 >1 >1 <1 <1 <1 <1 >1 >1 <1 <1 >1 >1 <1 >1 >1 <1 >1 >1 <1 <1 >1 >1
<1 >1 <1 =1 <1 Toyota
<1 <1 =1 <1
>1 <1
>1 =1
<1 <1
>1 >1
<1 >1
<1 <1
>1 <1
>1 <1
<1 <1
<1 >1 <1 >1 >1 <1 >1 >1 >1 <1 >1 <1
<1
>1 >1
<1 <1
Bosch
<1 <1
<1 <1
>1
>1
>1 >1
<1 >1
<1 >1
<1 >1 >1 <1 <1 Peugeot
<1 >1 >1 >1
>1
>1 >1
=1 <1
>1 <1
>1 <1<1
>1<1>1
<1>1 <1
<1
<1
<1
>1 >1
>1 <1
>1
<1
<1
<1
>1 >1>1 >1<1>1 <1<1 >1
<1 >1
>1 >1<1
<1 >1 >1 <1 >1 Renault
>1 >1 <1 <1
>1
>1 >1
>1 <1
>1 <1
<1>1<1
<1<1<1
>1>1 <1
>1
<1
<1 >1
>1 >1
Benz
<1 <1
<1 <1
>1
>1 >1
<1 >1
<1 <1
<1 <1
>1
<1
<1
<1 <1
>1 <1>1>1<1<1 >1<1 >1
>1 >1
>1 <1
<1
<1 <1 <1 =1 <1 Bosch
<1 >1 =1 <1
>1
>1 >1
=1 <1
>1 <1
<1<1<1
<1<1<1
=1>1 <1
<1
<1
<1
=1 >1
>1
>1
<1
<1
<1 >1
>1 >1>1<1<1<1 >1<1 >1
<1 >1
>1 <1
<1
BMW
<1 <1
<1 <1
>1
>1 >1
<1 >1
<1 >1
>1 >1
<1 <1
<1 >1 >1 <1 <1 Benz
<1 <1 >1 <1 <1
>1 <1
>1 >1
<1 >1
>1 <1
>1 <1
>1 >1
<1 <1
>1 >1
<1 >1
<1 <1 <1 >1 >1 <1 <1 >1 <1 <1 <1 <1
Man
<1 <1 >1 <1 <1 <1 >1 >1 >1 >1 <1 <1 >1 >1 >1 >1 >1 <1 <1 >1 <1 <1 >1 <1
>1 <1 <1 >1 <1 BMW
>1 >1 <1 <1 <1
>1 <1
>1 >1
<1 >1
<1 <1
>1 <1
>1 <1
<1 <1
>1 >1
<1 >1
<1 <1
>1 <1 >1 >1 >1 >1 <1 <1 <1 >1 <1
Volkswagen <1 <1 >1 >1 <1 <1 <1 <1 >1 >1 <1 <1 >1 >1 <1 >1 >1 >1 >1 >1 <1 <1 >1 >1
>1 <1 <1 <1 <1 Man
>1 >1 <1 <1 <1
>1 <1
>1 >1
<1 <1
>1 <1
>1 <1
<1 >1
>1 >1
>1 >1
<1 >1
<1 <1
>1 <1
>1 >1 >1 >1 >1 >1 <1 <1 >1 <1
Volvo
<1 <1
<1 <1
>1
<1
<1
>1
>1
>1
>1
>1
>1
>1
>1
<1 >1
<1 <1
>1 <1 <1 <1 <1 Volkswagen
>1 >1 <1 <1
>1
>1 >1
<1
>1
>1
>1
<1
>1
<1
<1
>1
>1 <1
>1 >1 <1 <1 <1 <1 >1 >1 <1 <1
>1 >1>1>1<1>1 >1<1 >1
>1 >1
>1 >1
<1
Fiat
<1 <1
<1 <1
>1 >1
<1
<1
<1
>1
>1
<1
>1
>1
<1
>1
>1
>1
<1
<1
<1
<1
>1
>1 <1 <1 >1 <1 Volvo
>1 >1 <1 <1
>1
<1 <1
<1
>1
<1
<1
<1
<1
<1
>1
<1
>1 <1 <1 >1 >1 >1 >1
>1 >1 >1 <1 >1 >1 >1
<1 >1
<1
>1 <1 <1 <1 <1 Fiat
>1 >1 <1 <1
>1
>1 <1
>1 <1
>1 >1
<1>1<1
<1<1<1
<1>1 <1
>1
<1
<1
>1 >1
<1 <1
>1
>1
<1
<1
>1 <1>1>1<1>1 >1<1 >1
<1 >1
<1
Hyundai
<1 <1
<1 <1
>1
>1 >1
>1 >1
>1 >1
>1 >1
<1 <1 >1
<1 <1 <1 >1 >1 Hyundai
>1 >1 <1 <1 <1
>1 <1
>1 >1
>1 <1
>1 <1
>1 >1
<1 >1
<1 <1
>1 >1
<1 >1
<1 >1 >1
<1 >1 >1 <1 <1 >1 >1 <1 >1 <1
1
t
t
t
>1 <1 <1 <1 <1 >1 >1 <1 <1 >1 >1 <1 >1 B >1 >1
>1 >1
B
DBot >1
( xot 1>1
, y ot <1
) ,<1
Note.
Ratio
(first
component
of FS
Ratio
of
Ratio>12 (second
component of FS o ) = DBo ( xo , y o )
>1 <1 <1 >1 >1 Note.
>1 >1
>111 (first
>1 component
>1 >1 <1
>1 o )>1= >1 t <1
<1
<1
<1
>1
t 1
t
t
DB 1 ( xot 1 , y ot 1 )
DB
PRODUCTIVITY
31o ( xo , y o )
>1 <1 <1 <1 <1 >1 >1
<1 <1 >1 >1 OF
<1 AUTOMOBILE
>1 >1 >1 o <1 INDUSTIRES
<1 <1 <1 >1 >1
<1 <1 >1 >1 <1 >1 >1 >1 >1 >1 >1 <1 <1 >1 >1 <1 >1 <1 <1 >1 >1
t
t 1
t 1
B
DBot ( xot , y ot ) ,
o ) , Ratio
Ratio 12 (second component
component of
FS oB ) = DBt o1( xot 1, y of FS o ) =
t 1
t 1
t
t
DBo ( xo , y o )
DBo ( xo , y o )
UCTIVITY OF AUTOMOBILE INDUSTIRES
31
t 1
t 1
t 1
DB
(
x
,
y
)
DBot ( xot 1 , yot 1 ) DBot 1 ( xot 1 , yot 1 ) 1 / 2
o
o
o
B
B
Ratio 3 ( TECo ) =
,
Ratio
4
(
)
=
M
[
] .
o
DBot ( xot , yot ) DBot 1 ( xot , yot )
DBot ( xot , y ot )
TECoB ) =
DBot 1 ( xot 1 , y ot 1 )
DBot ( xot 1 , yot 1 ) DBot 1 ( xot 1 , yot 1 ) 1 / 2
B
,
Ratio
4
(
)
=
M
[
] .
o
DBot ( xot , yot ) DBot 1 ( xot , yot )
DBot ( xot , y ot )
97/96
2 3
<1 >1
<1 >1
<1 >1
<1 >1
<1 =1
<1 >1
<1 =1
<1 >1
<1 >1
<1 >1
<1 =1
<1 <1
<1 >1
<1 >1
<1 >1
<1 >1
<1 >1
<1 >1
<1 >1
<1 >1
<1 >1
<1 >1
4
<1
<1
>1
>1
<1
<1
<1
<1
>1
<1
<1
<1
<1
>1
>1
<1
<1
<1
>1
>1
>1
>1
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
180
Table 9
Labor Efficiency Index for Auto Industry for the Malmquist Productivity Change
Company
92/91
93/92
94/93
95/94
96/95
97/96
Chrysler
0.9327
1.0713
1.2531
1.0225
1.0477
1.0967
Ford
1.0585
1.1117
1.0566
1.0798
1.0088
1.0906
GM
1.0450
1.0396
1.0873
1.0715
1.1208
1.0766
TRW
1.1683
1.0091
1.0979
1.1019
1.0315
0.7724
Fujiheavy
1.7662
1.1802
1.0740
1.0157
0.8008
0.9552
Honda
1.0268
1.0653
1.1254
0.9847
1.0133
0.9760
Isuzu
1.1265
2.1551
0.9892
1.1056
0.9483
0.9580
Mazda
0.5715
1.6466
1.0144
0.8850
1.2140
0.7675
Mitsubishi
1.1352
1.0513
2.0238
0.9666
0.9227
0.9357
Nissan
1.3198
1.1341
1.1274
0.8270
0.9284
0.9463
Suzuki
1.1260
1.1204
2.0718
1.0157
0.9243
0.9441
Toyota
1.0302
1.1358
1.0740
0.8106
0.9101
0.9210
Peugeot
1.0758
0.9181
1.2058
1.1103
0.9884
0.9395
Renault
0.7371
1.1498
1.2090
1.0700
0.8921
0.9355
Bosch
1.1339
0.9735
1.1051
1.1387
0.9316
0.9792
Benz
1.0945
0.9550
1.2402
1.0932
1.3381
1.0424
BMW
1.4628
0.6909
1.6515
0.5650
1.0206
0.9882
Man
1.1468
0.9982
1.0440
1.0420
1.0288
0.8710
Volkswagen
1.0685
0.9116
1.1904
1.1185
0.9640
0.8757
Volvo
0.9394
0.7692
1.6056
0.9228
1.1545
0.9342
Fiat
0.8391
0.9278
1.2564
1.1439
1.0958
0.9702
Hyundai
1.0171
1.1524
1.1469
1.1494
0.9626
0.8228
Industry ave.
1.0580
1.0685
1.2284
0.9996
1.0049
0.9414
Note. * Industry average equals to geometrical mean of the sample.
PRODUCTIVITY OF AUTOMOBILE INDUSTIRES
33
Productivity of Automobile Industries using the Malmquist Index: Evidence from the Last Economic Recession
181
Table 10
Table 10
USTIRES
33 Industry of Component
PRODUCTIVITY
AUTOMOBILE
INDUSTIRES
33
Labor Efficiency Index OF
for Auto
Information on the Malmquist Productivity Change
Labor Efficiency Index for Auto Industry of Component Information on the Malmquist Productivity Change
Time
92/91
Table
10
Ratios INDUSTIRES
1 2 3
TY OF AUTOMOBILE
93/92
4
1
2
3
94/93
4
1
2
3
95/94
4
1
2
33
3
96/95
4
1
2
3
97/96
4
1
2
3
4
Chrysler
>1 >1 <1 <1 >1 >1 <1 >1 >1 >1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1
Ford
>1 >1 <1 >1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1
the Malmquist
Productivity
Component Information
Productivity Chan
Efficiency
Index for
Auto Industry
of Component
on the Malmquist
Time Laboron
92/91
93/92Change
94/93 Information
95/94
96/95
97/96
Ratios
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
Gm
>1 >1 <1 >1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 >1 >1 <1 >1 >1
Chrysler
>1 >1 <1 <1 >1 >1 <1 >1 >1 >1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 <1 >1
Trw
<1 <1 >1 >1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 <1 <1 <1
Ford
>1
>1 <1 >1 >1 >1 on
<1 >1Malmquist
>1 >1 <1
>1 <1 <1Change
>1 >1 <1 <1 >1 >1 <1 <1 >1
Productivity
cy Index for Auto Industry
of
Component
Fujiheavy
>1 >1 >1 >1Information
>1 >1 <1 >1 >1the
>1 <1 >1 >1 >1
>1 >1 <1 <1
<1 <1 <1 <1 >1 <1
Gm 94/93 Time >1 >1
>1
<1
>1
>1
>1
<1
>1
<1
<1
>1 >1 95/94
<1 <1 >1 >1 96/95
>1 <1 >1
93/92
95/94<1 >1 >1
96/95
97/96
92/91
93/92
94/93
<1 >1 >1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 <1 <1 <1 >1 >1 <1 <1 >1 <1
2
3
4
1Trw 2 Honda
3 Ratios
4 1<1<1 2<1
3>1 41>1 12>1 23>1 34<1 41>1 12>1 23>1 34<1 41>1 2<1 3<1 4>1 1>1 2<1 3<1 4>1 1>1 2<1 3<1 4<1
<1 >1
>1
>1 >1
>1 >1
>1<1>1
>1 <1
<1 >1 <1 >1
>1 <1 <1 =1 <1 >1 <1 =1 <1
>1 >1
1 <1 >1 >1Fujiheavy
>1 Isuzu
>1 >1
<1>1<1<1>1
>1
Chrysler
>1>1 <1
>1 <1
<1>1 >1
<1 >1
>1>1 <1
>1>1 <1
<1>1 >1<1 >1
>1>1 >1>1 >1>1 >1>1 <1>1 <1<1>1<1>1<1<1<1<1<1>1<1>1>1
Mazda
<1
<1
<1
<1
>1
>1
>1
>1
>1
>1
<1
>1
>1
<1
>1
<1<1<1
<1>1>1
>1<1<1
<1>1<1
<1>1<1>1<1<1>1<1>1>1
>1 <1
<1>1
1 <1 >1 >1Honda
>1 <1 >1
Ford<1<1 <1<1 >1>1 >1
>1>1 <1
>1>1 <1
<1>1 >1
>1<1 >1
>1>1 <1
>1>1 <1
<1>1 >1<1 >1
>1>1 >1
<1<1
<1<1
92/91 Mitsubishi 93/92
94/93
95/94
96/95
97/96
<1 >1
>1
>1 <1
<1
>1
>1>1
>1
>1>1>1
<1>1
<1>1<1
<1>1=1
<1>1<1
<1>1=1
<1=1<1<1<1>1>1<1>1 =
>1 >1
>1 >1
>1 <1
<1 >1
>1 <1
<1>1
1 <1 >1 >1Isuzu
>1 <1 >1
>1
>1<1
Gm <1<1<1<1<1
>1>1>1<1
>1>1
<1
>1>1>1>1
>1>1
<1
>1=1
<1<1
<1<1
1 2
3
4
1
2
3
4
1
2 3
4 1
2
3
4
1 2
3
4
1 2
3 4
Nissan
>1
>1
>1
>1
>1
>1
<1
>1
>1
>1
<1
>1
<1
<1
>1
<1
<1
<1
<1
<1
<1
<1
>1
<1>1<1>1<1<1>1<1>1<1
1 <1 >1 >1Mazda
>1 <1 >1
Trw <1<1 <1<1 >1<1 >1
<1<1 <1>1 <1
>1>1 >1
>1>1 >1
>1>1 <1
>1>1 <1
<1>1 <1
>1<1 <1
>1>1 >1>1 <1<1 >1>1 <1<1 <1<1>1<1>1
>1 >1 <1 <1 >1 >1 <1 >1 >1 >1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1
1 <1 >1 >1Mitsubishi
>1 Suzuki
<1 >1
>1<1<1>1<1
>1
>1>1
>1 >1
>1 <1
>1 <1
>1 >1
=1>1
<1>1
<1 >1
>1
>1 <1
<1
>1
>1<1
>1
>1>1<1
<1<1
>1>1<1
<1>1>1
<1<1<1
<1>1>1
<1=1<1<1<1<1<1<1<1 =
Fujiheavy
>1>1>1<1
>1>1
>1
>1<1>1<1
>1>1
>1
<1
>1>1
<1<1
>1<1
>1 >1 <1 >1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 <1 >1 >1
1 <1 >1 >1Nissan
>1 Toyota
<1 >1
<1>1>1<1>1
<1
>1<1
>1 >1
>1 >1
>1 <1
>1 >1
>1 <1
<1<1
Honda
<1>1>1<1>1
>1
>1<1>1>1
>1>1
>1
<1
>1=1
<1<1
<1<1
<1 >1
=1
>1 <1
=1
>1
>1<1
=1
>1>1<1
<1<1
<1<1<1
<1>1=1
<1<1<1
<1>1=1
<1<1<1<1<1<1>1<1>1>1
>1 >1 <1 >1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 >1 >1 <1 >1 >1
1 >1 >1 >1Suzuki
>1 Peugeot
<1 <1
>1
<1
>1
>1
<1
<1
=1
<1
>1
<1
=1
<1
<1
<1
>1
>1
>1
>1
<1
>1
>1
>1
>1
>1
<1
<1
>1
>1
<1
<1
Isuzu
<1 >1 >1 >1
>1 >1>1>1 >1 >1
>1 >1 >1
<1 <1<1>1 >1
<1 <1>1>1 >1
>1 >1
<1 <1
>1 <1
<1 <1
<1>1<1<1<1<1 =1<1<1>1
<1 <1 >1 >1 >1 >1 <1<1<1 >1
>1 >1 <1
>1 <1 <1 >1
>1 <1>1<1<1>1 <1
>1 >1 <1
<1 <1 <1
1 >1 >1 >1Toyota
>1 Renault
<1 >1
>1
<1
>1
<1
<1
<1
>1
>1
<1
<1
<1
<1
>1 >1
>1 >1
>1 >1=1>1>1 >1
Mazda>1 <1 <1=1<1
<1>1>1 >1
<1
<1=1
>1>1 >1
<1<1
>1 =1>1
<1<1
>1<1<1
<1
<1
>1
>1<1<1
<1<1<1
<1=1<1<1<1<1>1<1>1=1
>1 >1 >1 >1 >1 >1 <1<1>1 >1
>1 >1>1 <1
>1 >1>1>1 >1
>1 <1>1<1<1>1 <1
<1 <1<1<1 <1
<1 <1>1>1 <1
1 <1 >1 >1Peugeot
>1 >1 >1
>1<1 <1<1 =1
<1
<1>1 <1
=1
<1
<1
<1
=1>1 <1
>1
>1
>1
<1
<1
>1
>1
>1
<1
<1
>1
>1
<1
<1
>1 <1 <1 <1 >1
Mitsubishi
<1
>1
>1
>1
>1
<1
>1
>1
>1
>1
>1
>1
<1
=1
<1
>1 <1
<1 <1 <1 =1 <1
>1 >1
<1 <1
<1 >1
>1 <1
>1 <1
<1 <1 >1 Bosch
>1 >1 >1 <1<1<1 >1
>1 >1>1>1 <1
>1 >1<1>1 <1
<1<1<1>1 <1
>1 <1>1>1 <1
<1 <1>1>1 <1
1 <1 >1 >1Renault
>1 <1 >1
<1<1 <1>1 >1<1 <1
Nissan
>1<1 <1
>1>1 <1
>1>1 <1
>1<1 <1
>1>1 <1
>1>1 <1
<1>1 >1<1 <1
>1>1 >1<1 <1<1 >1>1 <1>1 <1<1>1<1<1<1<1<1<1<1<1<1<1>1
>1 >1
<1 <1
>1 >1
>1 <1
>1 <1=1<1<1>1 >1
>1 <1
>1 <1
<1
<1 <1 >1 Benz
>1 >1 >1 <1>1<1 >1
>1 >1>1>1 <1
<1 >1>1>1 <1
>1 <1>1<1 <1
<1 <1 =1
1 <1 >1 >1Bosch
>1 >1 >1
<1<1 <1<1 >1>1 >1
Suzuki
<1>1 <1>1 <1
>1>1 >1
>1<1 <1
>1<1 <1
>1>1 <1
<1>1 >1<1 <1
>1>1 >1<1 >1<1 >1>1 <1>1 <1<1>1<1>1>1<1>1<1<1>1<1<1>1
<1 <1 <1 Bmw
<1 >1 >1 <1>1>1 >1
>1 >1>1>1 <1
>1 >1>1>1 <1
>1 <1<1<1 <1
>1 <1>1>1 <1
<1 <1<1>1 <1
>1 >1
<1 <1
>1 >1
>1 <1 <1
>1 <1
>1
1 =1 >1 >1Benz
>1 =1 >1
<1<1 <1<1 =1
>1 <1
>1 =1
>1 =1
Toyota
>1>1 <1>1 <1
=1
>1<1 <1
>1<1 <1
>1>1 <1
=1
>1>1 <1
>1>1 >1<1 =1<1 >1>1 <1>1 <1<1 =1<1<1>1<1>1<1<1=1<1<1>1
<1 <1 >1 Man
>1 >1 >1 >1<1<1 >1
>1
>1
>1
>1
>1
<1
=1
<1
<1
<1
=1
<1
<1
<1
=1
<1
>1 >1
>1 <1
<1 <1
>1 <1
<1 <1
>1 <1
<1<1>1 >1 <1 <1 >1 <1 <1 <1 <1 <1
1 <1 <1 >1Bmw
>1 >1 >1
<1<1 <1>1 >1
>1 >1
>1 >1
>1 <1
>1 >1
Peugeot
<1>1>1<1>1
>1
>1<1>1<1
>1<1
>1
<1>1
>1>1 >1<1 >1<1 >1>1 <1<1 <1<1>1<1>1>1<1>1<1<1>1<1<1>1
>1 >1 >1 Volkswagen
>1 >1 >1 <1<1>1 >1
>1 >1>1>1 <1
>1 >1<1>1 <1
>1 <1<1<1 <1
<1
<1 <1<1>1 <1
<1 <1>1<1 <1
>1
>1
<1
<1
<1
>1
>1<1<1
>1>1<1
<1>1<1<1<1<1<1<1<1<1
1 <1 >1 >1Man>1 <1 >1
<1>1 <1<1 >1>1 >1
>1 >1
Renault
<1>1 <1
>1>1 <1
<1>1 <1
<1<1 <1
>1<1 <1
>1>1 <1
<1>1 >1<1 <1
>1>1
<1<1
>1>1 <1
<1<1
>1<1>1
<1 <1 >1 Volvo
>1 >1 >1 >1<1>1 >1
>1
>1
>1
>1
<1
<1
>1
>1
<1
<1
>1
<1
<1
<1
>1
<1
<1
>1 <1
<1
<1
>1<1
>1
>1>1<1
<1<1
<1<1<1
<1>1>1
>1>1<1
<1>1>1
<1>1<1>1<1<1>1<1>1<1
1 <1 <1 >1Volkswagen
>1 <1 >1
<1<1 <1>1 >1
>1
>1
Bosch
<1>1>1<1>1
>1
>1<1>1>1
>1<1
>1
<1
<1<1
>1>1
<1<1
<1<1
>1 <1
>1 >1
>1 <1
>1 >1
>1 <1
<1>1
>1 <1 =1 >1 >1 >1 =1 >1 >1 >1 =1 >1 <1 <1 =1 <1 <1 <1 =1 <1 <1 <1 =1 <1
>1
>1
<1
<1
>1
>1
<1
>1
>1
>1
>1
>1
<1
<1
>1
>1
<1
<1
>1
<1
<1
<1
>1
<1>1<1>1<1<1>1<1>1>1
1 <1 <1 >1Volvo
>1 Fiat
>1 >1
<1
<1
>1
>1
<1
<1
>1
>1
<1
<1
>1
<1
Benz >1 >1 <1 <1<1 >1 >1>1 >1<1 >1<1 >1>1 <1>1 <1>1 >1>1 >1<1 >1<1 >1>1 <1<1 <1<1>1<1>1
<1 <1 >1 >1 >1 >1 <1 <1 >1 >1 >1 >1 <1 <1 >1 >1 <1 <1 >1 <1 <1 <1 >1 <1
1 <1 <1 >1Fiat>1 Hyundai
>1 >1
<1
>1
>1 >1
>1
>1 <1
<1
>1
>1<1
<1
>1>1<1
<1>1
>1<1<1
<1>1>1
>1>1<1
<1>1<1
<1>1<1<1<1<1>1<1>1>1
Bmw<1>1>1<1>1
<1<1>1<1
>1>1
>1
>1<1>1>1
>1>1
>1
<1
<1>1
>1>1
>1<1
<1<1
<1 >1
>1 >1
>1 <1
>1 >1
>1 <1
<1<1
<1 >1 <1 <1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 <1 <1 <1 <1 >1 <1
1 <1 <1 >1Hyundai
>1 <1 >1
Man <1>1 <1>1 >1>1 >1
>1>1 <1>1 <1
>1>1 >1
>1<1 <1
>1>1 <1
>1>1 <1
<1>1 <1<1 <1
>1>1 >1<1 <1<1 >1>1 <1>1 <1<1>1<1>1>1<1>1<1<1>1<1<1<1
<1 <1 >1 >1 >1 >1 <1 <1 >1 >1 <1 t >1t 1 <1t 1 <1 >1 >1 <1 <1 >1 >1 <1 <1 >1 <1 t t t
1 <1 <1 >1 >1 <1 >1
<1 <1 >1 >1
Volkswagen
<1 <1
>1 <1
>1
>1
>1 <1
<1 <1 <1
>1 >1 <1 >1 <1 <1 >1 >1
>1 >1
DBo>1
( xo >1
,>1
y o )<1
( xo , y<1
o)
Note.
(first
) )== <1
, Ratio
2 (second
) = <1DBo<1
FS
FSo >1
<1 <1Ratio
>1 1>1
>1component
>1
<1
<1of >1
>1
>1
>1
<1
<1
>1 >1
<1 <1 component
>1 >1 <1of <1
o<1
,
1
(first
component
of
FS
1 <1 <1 >1 >1 Note.
>1 Ratio
>1
<1
<1
>1
<1
>1
>1
<1
<1
>1
<1
t

1
t

1
t

1
t

1
t
t
Volvo
>1 >1
<1
<1 <1 >1 >1 >1 >1 <1 <1 >1 <1
o DBo <1
( xo >1
, y o >1
)
DBo <1
( xo ,<1
y o ) >1 >1
<1 >1 >1 >1 >1 >1 <1 <1 >1 >1 >1
>1
<1
<1
>1 <1 <1 <1 >1 >1 <1 <1 >1 >1
1 <1 >1 >1 >1 >1 >1
Fiat <1 <1 >1 >1
>1 <1
>1 <1
<1 >1
<1 <1
>1 <1
>1 <1
<1 >1 <1
>1 >1 >1 >1 <1 <1 >1 >1 <1 <1 >1 <1
>1 <1 >1 >1 >1 >1 <1 <1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 <1 <1 <1 <1 <1
1 <1 >1 >1 >1 <1 >1
<1
<1
>1
>1
Hyundai
>1 <1
>1 <1
>1 >1
>1 >1
>1 t <1
>1t 1 <1
<1t 1 <1
>1 t <1
>1
>1 <1 >1 <1 <1 >1 >1 <1 <1 >1 >1
t 1
t<1
1
t <1
1
1<1 t 1<1 t 1 >1
n
<1
>13 ( >1
>1) =>1DB>1
>1 >1 <1 >1t t<1
>1 <1 <1 <1 <1
DBto (<1
xo t , >1
yt o1 ) >1
DB
t 1
t 1 o ( xo , y o )
t
t
t
o ( x o , y o ) , Ratio 4 ( M ) =
TEC
Bot ( xot 1 , yRatio
)
DB
(
x
,
y
)
o(second component of FS ) = o
] .>1 <1
( xot , y<1
o
o )[o = o DB
,>1
Ratio
2 o ) ,t<1
t ot >1
Ratio
1
t <1 t 2 >1
t1 (first
t
t <1
Note.
Ratio
component
of
(second
component
FS
>1
<1
<1
>1
>1
<1
>1
>1
>1
>1
<1
<1
<1 >1 of
<1 FSo ) = DBo ( xo , y o
o
o
)
=
,
R
atio
2
(second
component
of
FS
DBo ( xo , y o )
t 1
t 1
t 1
t 1
t DB
t o (x
o t o1, y ot )1
t DB
1 o ( xo , y o )
t 1
t
xo , y>1
DBo ( xo , y
o ( x o , y>1
o ) >1
o ( x<1
o , yDB
o )<1
o (>1
o ) <1
<1 <1 >1 >1 <1 >1 >1 >1 >1 DB>1
<1 >1 <1 <1 <1 >1 <1
>1 >1 >1 >1 >1 >1 <1 >1 >1 >1 <1 >1 <1 <1 >1 >1 <1 <1 >1 >1 <1 <1 <1 <1
1/ 2
t
t 1
t 1
t 1
t 1
t 1
t
t 1
t 1
DB ( x , y ) DBo ( x3o (, TEC
DB
( xo , y o 2)(second
xo , y)o =) DB
DBoot ((xxot o, y,ot y) o
o )o ( x)o .=
) = component
( M o ) = [ DB
irst
=t yDB
ofo (t FS
FSot 1)Ratio
[ o t o t ot ofRatio
]o ) =, y o )o , t Ratio
3t (TEC
,, Ratio 4component
to t
t 1
t
t
t
t
o DBo ( xo , yo )
=
DBot 1 ( xot 1 , y ot 1 ) ,
DBot ( xot , y ot )
t 1
1/ 2
t 1
t 1
1
DBo ( xo , DB
yo ) t 1 ( x t 1 , y t DB
) o ( xo , y o )
o
o
o
t
t 1
t 1
) DBot 1 ( xot 1 , yot 1 ) 1 / 2 .
] .
DBo ( xo , yo ) DBot 1 ( xot , yot )
DBo ( xo , yo
Ratio
4 (M
o ) )=
Ratio
4 (M
=[
t
t
t
o t
t 1
t 1
t 1
t 1
t 1
t 1
( tx , ty )
DBo ( xo , yo ) DB
DB
o o ( x o ,o y o )o
)
] 1/ 2 .