Word: chryslers
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...stalled American car industry has suddenly reignited its engines. After a decade of losing ground to their Japanese rivals, Detroit automakers have been recapturing buyers and reclaiming a healthy slice of U.S. market share. The public's growing taste for Big Three cars and light trucks has allowed Ford, Chrysler and General . Motors to rack up welcome profits, following industry losses of $39 billion over the past two years. The recovery has also caught the eye of investors on Wall Street, who have bid up the price of U.S. carmakers' stock more than a third...
...some fully equipped 1994 models for less than what comparable ones cost today. GM hopes that by simplifying buyers' choices it can rebuild a market share that has slipped from 61% a decade ago to 34% today. In announcing the new plan GM stole a march on Ford and Chrysler, which have yet to reveal what they will...
...pick up steam before replacing their autos now find they can't wait anymore. A record 71% of 10-year-old cars are still chugging along U.S. roads and highways, up from 59% a decade ago. "The bottom-of-the-food-chain cars and trucks are wearing out," says Chrysler president Robert Lutz. "The market is being driven by replacement demand more than by the growth of new buyers." William Pochiluk, president of Autofacts, an automotive-consulting firm, sums it up: "The car's old, it's become a turkey, interest rates are low, it's just time...
Flashy brands like Chrysler's LH mid-size sedans have been attracting their share of tire kickers, but small cars for the budget-minded have been moving off the lots. Following the lead of GM's Saturn, whose sales have risen 25% this year, American manufacturers have continued to offer autos in the $9,000- to-$12,000 price range long after Japanese carmakers virtually abandoned the segment. In that thrifty category, sales of Chevrolet's vintage Cavalier have risen 26%, while those of the Plymouth Colt and Dodge Spirit...
...FIRST TIME SINCE SUFFERING COMBINED losses of $13 billion over the past three years, the Big Three U.S. auto manufacturers have each begun to show signs of a rebound. Following a dazzling string of showroom hits that increased sales this year by 25%, Chrysler reported first-quarter earnings of $530 million. Ford's gains have been steadier, but it still managed to double analysts' predictions with net earnings of $572 million. Even General Motors turned a financial corner with quarterly profits of $513 million. Still, all three companies tempered their reports with downbeat expressions of caution. Ford's chairman, Harold...