Word: chrysler
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Dates: during 1970-1979
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Speaking grimly at a crowded Detroit press conference, Chrysler Chairman Lynn Townsend repeated a somber theme that he has been sounding ever more urgently since the collapse of U.S. auto sales last fall. "We need leadership out of Washington, and in my opinion we're not getting it," Townsend said, calling for deep tax cuts and much more ease in monetary policy. He added: "We're in a very, very serious recession. The spiral is still going down...
There was stark evidence of that in Chrysler's dismal year-end results, out last week. Having earned a very respectable $255 million in 1973, Chrysler reported a shocking $52 million loss in 1974-by far the biggest in its 50-year history. The worst damage hit in the fourth quarter, when the company lost $73.5 million. With more bad news expected this year, the board voted to omit the 350 quarterly dividend-the first time it has had to do so since...
...Chrysler is not the only auto company struggling with punctured profits. Earnings at General Motors fell 60% last year, to $950 million, and GM's board voted to reduce the quarterly dividend from 850 to 600. Ford reported profits down 60% in 1974, to $361 million. Thanks to some tax credits, Ford can show a $22 million profit in the fourth quarter; but on a pretax basis the company lost $46 million. Many Wall Street analysts expect the company to report more big losses for the first few months of this year. American Motors managed to clear $13 million...
...cars they sold in late January. They took some comfort in the fact that the most recent sales were "only" 5% below the same period in 1974, when the Arab oil embargo was scaring buyers away. On that year-to-year basis, General Motors' sales rose 2.4% and Chrysler's were up 4.8%, while Ford's were down 8.3% and American Motors' were...
...area's white-collar residents are being laid off at levels not seen since the 1930s; 20,000 have been sidelined at Chrysler alone. Charles Beaudet, 52, a $22,000-a-year sculptural designer for Chrysler, was furloughed just before Christmas. He supports his wife and five children on his SUB checks, but he has cut out the monthly case of wine, the symphony concerts and other civilized frills. Beaudet worries that his self-respect is going too. "It hurts," he says, describing the experience of standing in an unemployment line. "It's demoralizing." Bankruptcy declarations rose...