In the last two days you had Renault talking about a price war, Fiat referring to a price war, Honda and Peugeot all referring to a price war in Europe ... The pricing environment is even worse than people anticipated.

They did about 2,001 euros per car for other risk provisions, and that is the lowest level of provisioning in five years.

Michelin and the industry continue to pass on rising material costs through tire price increases. Tire price increases have been crucial to offsetting the projected 15 percent increase in raw material costs Michelin will feel in 2005 (approximately 450 million increase vs. 2004).

Michelin and the industry continue to pass on rising material costs through tire price increases. Tire price increases have been crucial to offsetting the projected 15 percent increase in raw material costs Michelin will feel in 2005 (approximately 450 million increase vs. 2004),

It is a French issue because [Renault and Peugeot] are both volume players and they are on the receiving end of Japanese and Korean competition.

Volkswagen said at the start of the year that it would be going up in market share and instead it has gone down. They appear to have lost the U.S. consumer in terms of design and functionality.