List nodes that has a certain term on a referenced node?

Short version:
Is it possible to create a list of nodes i Views that has a certain taxonomy term *on a referenced node*?

Long version:
(This is a simplified example of what I want to achieve.)

I have two node types: Companies and Cars
Every Car belong to a Company. To create this relationship I added a cck node reference in the Car node type that references the Company it belongs to.

I have one taxonomy vocabulary: Cities. Cities have terms (New York, Stockholm, London etc.).
Cities terms are used to define where the Companies are.

Now, what I want to list is all Cars in a certain City. But the Cars themselves has no taxonomy terms, only a reference to another node (a Company) which has terms (Cities).

Is it possible with Views?

I could of course set the Cities terms on every single Car. But then the information is redundant, i.e. if a Company changes a City term I would have to change the same City term for all cars that reference that Company.

I've tried to make this work in Views but I couldn't find a way. From what I've read of Earl's answer in another issue I assume that what I'm trying to do is outside of how taxonomy is supposed to be used in Drupal. So I guess the answer is no, right?