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I'm reading Beating the Street by Peter Lynch. On page 284 there's a line:
Demand ought to be high, and the lower dollar and the problems in Japan will help the U.S. automakers win back a larger share of the market.
Why would the lower dollar help the US automakers win the market back?
It depends on just what is meant by "US automakers". Traditionally, that term means the "Big 3": General Motors, Ford, and Chrysler. However, many non-US automakers have factories in the US, building their cars for US sales and sometimes for export.
The theory is that a lower dollar would make cars - and indeed, all American-made goods - cheaper in terms of other currencies. But this assumes that the goods are of equal quality, and the problem is that American cars - defined as those designed & built by the "Big 3" automakers - are widely percieved as inferior, even by many Americans. Thus the broad penetration of foreign brands (often actually built in the US) in every market segment from economy* cars to luxury brands like Mercedes, BMW, & Land Rover.
So a lower dollar wouldn't have that much of an effect on American car sales. It could well increase sales of US-built foreign marques, if those companies have sufficient US production capacity to increase exports.
*Which are often re-badged versions of cars produced by foreign automakers.
