Word: chryslers
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Dates: during 1970-1979
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...same period in 1978. Once U.S. car and truck sales accounted for well over half of Ford's automotive profits; now they produce less than one-third, and all of that comes from trucks. In fact, Ford suffers from a milder case of the problem that afflicts Chrysler: Americans have not been buying big, heavy cars. But unlike Chrysler, Ford is earning money because it has hugely profitable overseas operations that easily offset the domestic losses...
Ford's share of the U.S. auto market has dropped from 23.5% at the end of 1978 to 20.9%, its lowest in a decade. It is selling 15% fewer cars than it did last year (vs. 9% for Chrysler). With a 75-day backlog of unsold cars, Ford has had to lay off indefinitely 22,600 hourly workers, about 10% of its labor force...
Like their colleagues at Chrysler, Ford executives blame most of their troubles on the 1979 fuel crisis. Says Caldwell: "Those gas lines did more than anything else to turn our industry upside down." But a major problem was what Henry Ford concedes to be "poor planning," and he accepts much of the blame. Four years ago, he said no to arguments that Ford should build a front-wheel-drive subcompact for the 1979 model year; front-wheel drive means shorter hoods, lighter weight and, consequently, less use of fuel. Concerned by the size of the investment gamble, Henry Ford demurred...
There is little chance of a Chrysler-type financial Armageddon. Ford remains a globe-girdling, diversified corporation with 1978 earnings of $1.6 billion on revenues of $43 billion. Its glass, steel and aerospace operations boast record earnings, as does its international automotive business, which ranks second only to Volkswagen outside North America. And Caldwell is a cool, analytical manager who is credited with turning around international operations, which produce two-thirds of Ford's profits. Can he rebuild domestic sales? Cautions Caldwell: "This is a long-lead business. A lot will come two to three years from...
...Chrysler as a symptom. We are the classic microcosm of everything that is wrong with the U.S. You can list the problems. Energy? That's what cripples us. Inflation at 13%? Hold it, mine's higher than that because petrochemicals and lead are up more. Productivity? I'm glad you asked-we ain't got none. Sometimes when I wake up, I think of what I'm doing. Yeah, I'm trying to save a company but I never invent anything any more. I never create a job. Everything I do is to meet...