Holden, Ford and Volkswagen are among a growing number of global manufacturers looking for ways to boost profits as the global economy stagnates and economic growth remains slow.
In the past decade, some of the world’s largest manufacturers have seen their business models suffer amid the financial crisis.
Ford has been hit hard by the global financial crisis, while Volkswagen’s fortunes have been hit by a series of recalls and losses from a diesel emissions scandal.
Volkswagen has already reported a drop in profits for its global operations, while Ford has seen its market share slump.
But in the United States, the automotive sector has grown in recent years, and many of the global manufacturers have been looking for opportunities to grow and diversify their businesses.
Ford has been struggling for years with the downturn in the global consumer economy.
Last year, Ford reported a loss of $1.9 billion, or 14 cents per share.
Volkswagen’s losses in the U.S. were $1 billion, but analysts expect the company to post a profit in the range of $4.5 billion to $5 billion this year.
Holden’s losses were even higher, with the automaker losing $4 billion last year.
Volkswagen lost $6.4 billion in the US, and its US sales fell more than 30 percent year-over-year.
Ford is now looking to diversify its business in the coming years, said Jim Nevin, Ford’s global head of sales and marketing, at the Detroit auto show in March.
Holden is also expanding its brand presence, and it is building an assembly plant in South Carolina that it plans to begin production of its C-Max crossover SUV in 2021.
The automotive industry is also looking to become more innovative, as the auto companies look to better adapt to changing consumer tastes and to find ways to compete with other brands.
“We need to find a way to keep innovating,” said Joe Gagnon, vice president of product at Ford, at a conference in March in Las Vegas.
Holden said it plans a “high-performance, fuel-efficient, low-cost crossover SUV with the Ford Fusion” for 2021.
Holden plans to sell 1 million Fusion SUVs this year, and that number will grow to 2 million by 2025.
The rise of global brands also has created opportunities for new products and products that will expand the reach of the automakers.
Toyota, for example, announced in February that it would add a small car called the Juke to its lineup in 2021, with a $2,500 price tag.
Holden also announced the addition of a small SUV to its line of small pickup trucks this year called the Spark, and the company said it is expanding its SUV line.
The Spark will be available for the 2021 model year.
The Juke, which has been sold only to select customers in Europe, will not be sold to the general public.
“Toyota is really a global brand, so to have a new car come out in Europe is really exciting,” said Nevin.
Ford and Volkswagen have been trying to find solutions to the global supply chain problems, but they are also seeking ways to increase their share in the market.
Volkswagen said in February it plans an $8 billion global manufacturing plant in China to meet demand for parts, and Holden said last year that it is planning to build its own assembly plants in China.
The automaker said it expects to build a new factory in China by 2021.
Ford, which owns the Lincoln brand, also is looking to increase its global sales and expand its brand portfolio.
The company has been trying for a while to expand into new markets, but its strategy has been hampered by a shortage of parts and labor.