Word: fording
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Dates: during 2000-2009
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...Reading your stories, I was reminded of the problems Francis Ford Coppola faced with Apocalypse Now. You say at one point in the book that you were flat broke and that you traded two bottles of shampoo for four kilos of rice. Is that the low point...
...some carmakers, notably Packard, to shut their doors for good. Meanwhile, each of the Big Six (the three domestic carmakers plus Toyota, Honda and Nissan, which together account for 75% of all vehicle sales in the U.S.) reported double-digit declines in sales. The declines ranged from 11% at Ford to nearly 42% at Chrysler. German automakers such as Volkswagen, BMW, Porsche and Mercedes-Benz also reported double-digit declines. (See the 50 worst cars of all time...
...expects to have trimmed $12 billion in costs. GM also cut its advertising spending in half this year, which doesn't exactly stimulate sales. Bottom line: the next 12 to 18 months are perilous for both companies - and they'll need a modest improvement in sales just to survive. Ford, meanwhile, has played a difficult hand quite deftly. Despite a drop in sales volume, it has outperformed the market during the second quarter, reclaiming second place in total sales from Toyota and closing in on GM. (See 10 ways your job will change...
...rental-fleet sales down for good? Jim Farley, Ford group executive for sales and marketing, says rental fleets are starting to look for replacements for worn-out vehicles. Rental fleets have kept cars in service longer than in the past, but they're going to have to pay more for replacements now because automakers have slashed assembly capacity. One of the reasons Chrysler sales have dropped so dramatically this year is that the company withdrew from the fleet business because it was unprofitable...
...promised to keep 16% of combined U.S.-Canada output north of Detroit, but unless its new models can win market share from Ford and Toyota, it will continue its painful slide into oblivion. Also, as GM continues to shrink at home, it can trim a proportionate amount of production in Oshawa without breaking its promise to the Canadian government. Early on July 8, GM reported a 34% decline in June sales, to 176,571 cars and light trucks, in its domestic market. Year-to-date sales have collapsed 41%, to 954,356 vehicles...