Word: forded
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Dates: during 1970-1979
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...plump, graying man stood up in his shirtsleeves last week in the sweltering 88° heat of Melbourne, Australia, and made a surprising announcement. Said Chairman Henry Ford II to his firm's local managers: "By the end of this year I will have relinquished my executive responsibilities with the Ford Motor...
Thus the celebrated dynast signaled that he was letting go of a $43 billion company he has headed for 34 years. It has been generally thought that Ford would start phasing out after Sept. 4, 1980, when he turns 63. He apparently speeded up the timetable for several reasons...
...been troubled by problems, from recalls and suits over the safety of earlier Pintos to a widely publicized shareholders' suit against himself (since thrown out of court) to a messy separation from his second wife Christina. Since an angina attack hospitalized him three years ago, Ford has aged, and has paid close attention to setting up a succession by trusted subordinates and family members...
...market is worth maybe $2 billion a year, which in Detroit's terms is penny ante. But sales abroad of cars made in the U.S. are rapidly increasing. General Motors last year exported 125,000 cars, up from 98,000 in 1977, and both Ford and Chrysler are doing well. The strongest demand is from Western Europe, especially Switzerland, Belgium and the country where people have prided themselves on making some of the world's best cars, West Germany...
...biggest draw is price. In West Germany, a Chevrolet Camaro and Ford Mustang cost about $10,400 each, compared with the sticker price of $9,700 for a VW Passat (which is called Dasher in the U.S.). The Chevy Caprice sells for about $14,000, or $1,000 less than the top-line Audi 100LS and $2,000 less than the BMW 525. Indeed, the dollar has declined so much that in some European countries, U.S. cars cost less than they did last year...