<P>CURRENT ENVIRONMENT1<BR>Commodity prices rising<BR>Steel prices pressuring auto profits<BR>Stronger euro<BR>Domestic brand inventories too high<BR>Upside-down trades growing<BR>Sales mix improving<BR>Toyota’s market share gains to continue<BR>US sales may advance in 2004<BR>International developments<BR>INDUSTRY PROFILE9<BR>Competition goes into overdrive<BR>The Big Three see dwindling market share<BR>Auto parts sector highly fragmented<BR>INDUSTRY TRENDS 10<BR>Supplier relationships<BR>Affordability improves<BR>Product innovations shrink development cycle<BR>Are incentives here to stay?<BR>Big Three losing market share<BR>On the global front<BR>HOW THE INDUSTRY OPERATES 16<BR>Made in Detroit — and elsewhere<BR>From drawing board to dealership<BR>Regulatory crosscurrents<BR>Heavy capital commitments<BR>Competition redesigns the market<BR>The world of auto parts<BR>The tire market<BR>KEY INDUSTRY RATIOS AND STATISTICS 23<BR>HOW TO ANALYZE AN AUTOMOBILE MANUFACTURER 24<BR>Seasons and cycles<BR>Model changeovers<BR>The income statement<BR>Earnings quality<BR>The balance sheets<BR>GLOSSARY28<BR>INDUSTRY REFERENCES30<BR>COMPARATIVE COMPANY ANALYSIS 33 </P>

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