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It said the benefits of the moves could be offset by a weaker car market.
They generally agree that Europe's smaller and weaker car companies are under considerable pressure.
In addition to weaker car markets, BMW booked 1.1 billion euros in expenses in the fourth quarter for "risk provisions" and personnel costs.
Noting that Volkswagen went through "years of pain" and heavy investment to get where it is, Mr. Houchois said the question for Europe's weaker car industry players was whether they would have to go through the same convulsions.
A drive launched in the spring to squeeze barter out of the economy will give a shock to the weaker car firms, which did about 80% of their business that way last year.
Moody's kept its ratings in place on G.M.'s debt, but said it would watch how the company's new vehicles perform in a weaker car market and if G.M. can take advantage of savings under a new union contract reached last month.
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One of the weaker cars in this group is the Ford Focus, which has a 52-day supply.
A major reason for the improved trade position — and for the economic woes in Detroit — is the weak car market.
With the state of Lower Saxony owning a fifth of its shares, VW could not react to the weak car market in the mid-1990s by slashing jobs.
Some of the tracks clatter: "Pump It Up" wittily recreates the rattling sound of a huge bass line coming through a weak car stereo.
[C4.] Retail Sales Fell 1.2% in September The Commerce Department said overall retail sales fell 1.2percentt in September, hurt by weak car sales.
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