Word: automen
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...Automen and consumers share the onus for a lack of small cars...
Dedicated Detroit automen have learned a single purpose in life: to design, build and sell cars that will reap the highest return on the company's investment. Profits traditionally have come from volume and from trading customers up to larger, more expensive "prestige" models. Traditionally a Cadillac cost several hundred dollars more to make than a Chevrolet, but it returned GM a profit of several thousand dollars more. Detroit denies that it rejects new ideas because they are "not invented here," but the industry has been slow to adopt such innovations as disc brakes and radial tires, both extensively...
...American auto problem is simply that customers are not buying the products that the U.S. turns out. The day the automen descended on Washington, new sales figures for the first ten days in May showed a staggering 42% decline from levels of a year earlier. And last May's figures had already been distressingly low. The plunge put the industry at the lowest sales level of any ten-day period in 22 years and represented an annual selling rate of only 5 million cars. Just two years ago, Detroit sold more than 9 million (the record: 9.7 million...
Though some of the automen had private reservations about meeting with a President who has often told them their troubles are of their own making, they emerged from the White House sounding more optimistic. "There's no specific plan," said Fraser, "but I think there's a chance that one will develop now." The executives hope that the President will do something fairly quickly to ease the credit restrictions now strangling new-car sales. Said Ford President Donald Petersen: "I think we got across to them that even with the rapid decline in interest rates, the problem...
...automen admitted that tax incentives and other federal aids will be slow in coming. None expects any of the emission and safety standards changes that they have been demanding. Imports are a tougher issue. While the President agreed to raise the trade problem with the Japanese at the Western economic summit meeting next month, the auto executives doubt he will do much beyond jawboning. The reason: import restrictions would mean higher-priced small cars and raise the flame under U.S. inflation. But the industry appeared at least reassured that the Administration has finally recognized trade as an issue...