Word: carly
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Dates: during 2000-2009
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...been on life support since Dec. 19, when the outgoing Bush Administration threw it a short-term loan and told the company that it had until March 31 to come up with a plan for its long-term survival. It did - but its strategy was premised on projections that car sales would begin to pick up this year after last year's dismal industry performance, in which sales sank 18%, to 13.2 million units. But the pickup hasn't happened yet, and analysts see the industry's production "run rate" at or below 9 million units. (Read about Detroit...
...happy about the task force's approach. The UAW feels particularly aggrieved because it has agreed to an unending series of givebacks over the past 20 years. Even before this latest crisis, the UAW had assented to the 2007 contract, which would have put Detroit's labor cost per car within a couple of hundred dollars of Toyota's and the other transplants'. That isn't enough, in the view of the task force, because consumers are willing to pay more for the foreign badges, and the Detroit Three need to earn more on domestic car sales to become viable...
...Coming Car Boom Once the dust settles, the new GM, or whatever replaces it, is likely to see a marketplace of consumers finally ready to spend money on new cars. GM's executives aren't entirely off base in thinking that pent-up demand is building, because it is. "Assuming general economic recovery, in the developed markets we will see maybe 95% of what it had been," says John Paul MacDuffie, an associate professor of management and co-director of the International Motor Vehicle Program at the Wharton School of the University of Pennsylvania. U.S. auto and light-truck sales...
...those millions of sedans, pickups and SUVs have reached the end of their useful life. America is becoming a rolling junkyard; the average car is 9.4 years old, a new record, says Buscher. "Light trucks are 7.5 years old. They haven't been that old for 10 years," he adds. In two years, says an industry economist, 35 million cars now on the road will be at least 10 years old. There's not enough duct tape in America to hold that much junk together. Even if they don't conk out, keeping these beaters going becomes an increasingly expensive...
...history of the electric car...