They must also resist the idea that a truly global company must compete in all major markets. Some 64% of the respondents to the 2007 HBR survey agreed with this (non)dictum, yet an analysis of internal financial data from 16 multinationals around that time indicated that eight of them had large geographic units that destroyed value after their financing costs were taken into account. Such problems still persist. Toyota, for example, seems to be the only major competitor in the highly globalized auto industry that has managed to build up significant market share in Japan, North America, and Europe and in key emerging economies—while remaining highly profitable. By contrast, most major automakers would be better served by following the example of GM, which shed its loss-making European operation, Opel, in March 2017.