Word: chrysler
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Dates: during 1970-1979
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...only spectacular gainer. Chrysler rang up a first-quarter profit of $72.1 million, v. a loss of $94.1 million in the opening three months of 1975. Outside the auto industry, profits of electronic and electrical-equipment firms on average have more than doubled; some apparel and textile firms are showing increases of more than 300%; profits in the glass business (whose fortunes are closely tied to Detroit's) seem to be up 150% or so. Even railroads and some airlines are showing modest gains. Metals producers are lagging: U.S. Steel's profits fell 46.5% in the first quarter...
Three sites are leading contenders for the VW plant: a former Westinghouse appliance factory in Columbus, Ohio, a federal tank plant in the Cleveland suburb of Brook Park and a partially completed Chrysler Corp. assembly plant at New Stanton, Pa. Whichever site Volkswagen chooses, it will soon have company. Now that it is moving into U.S. manufacturing, Japanese car makers are almost certain to follow...
...McGovern in 1972; so did 82% of the Mercedes drivers, 80% of those with Volvos, 76% of the Porsche owners, 74% of the Volkswagen owners. By contrast, 49% of the professors with G.M. cars voted for Richard Nixon; he had been less favored by owners of Fords (40%) and Chrysler products...
...says he fully understands it is crazy." A vice president of another auto company reports on a meeting with officials of two major ad agencies: "Six months ago, they told us what to do: advertise gas economy, small size; advertise American, no-nonsense thrift. And who gets the action? Chrysler Cordoba and Volare-foreign names, foreign actors on the TV screen, 'Corinthian leather,' the look of 'elegance.' I asked the admen 'What the hell is this all about?' They could not explain...
Though Riccardo is confident that Chrysler has turned the corner, he is making only modest predictions about the future-and with good reason: Chrysler has long been a boom-and-bust company, and bankruptcy talk has been around before. Says the chairman: "The aim of this management group is to put ourselves in the kind of financial, operating and marketing shape so that as the industry goes through these cyclical fluctuations, we will be relatively no worse off than anyone else." For the industry, he foresees a return to 1973's record level of car sales (11.5 million...