The “Financialized” Structure of Automobile Corporations in the 2000s

Abstract

Important changes in the economic system, both in productive and financial dimensions, have been observed since the 1970s, pointing to a growing capital mobility and a stronger presence of finance within the logic of non-financial corporations. This article aims to analyze this increasing role of finance in the dynamics of automobile companies. Data from annual financial statements of selected carmakers (Daimler, Fiat, Ford, General Motors, Honda, Hyundai, Toyota and Volkswagen) between 2000 and 2009 are considered, in order to verify the occurrence of a “financialization” movement in this industry. From the analysis, a clear movement towards a more “financialized” pattern of the carmakers' structure could be observed, although there were notable differences among groups according to corporate dependence upon activities from the financial segment and the degree of exposure of their financial structures.