Word: gm
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Dates: during 1970-1979
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...worst hurt. Small cars would increase their market share, which now is more than 50%. Among Detroit's Big Three, ailing Chrysler Corp. would fare the worst. Though 70% of its cars are compacts and downsized models, vs. 50% of Ford's and 30% of GM's, small vehicles are the least profitable, and the company would have to boost output sharply to remain competitive. That would be a difficult step for Chrysler to take. Not only is it experiencing bottlenecks but the company also would have trouble borrowing money to expand production...
...that he estimated to be worth $2.8 billion to $3.2 billion. They included total ownership of Bank Omran, one of Iran's largest banks; 80% ownership of Bimeh Melli, the nation's third largest insurance company; and full or partial interests in auto factories (10% of GM Iran), cement plants, sugar mills, housing projects and a string of hotels, including the Tehran Hilton. Indeed, Graham estimates that the Shah, through the foundation, once owned 70% of all the hotel beds in Iran...
...almost all have shuttered their plants and offices, or turned them over to local workers to run, and brought their U.S. employees home. Johnson & Johnson's plant in Tehran, which made baby products, was expropriated in August. GM still claims a minority interest in a Tehran auto factory, but it has been run by Iranians since GM pulled out the last five Americans and a Swiss a year ago. Last December Du Pont closed its fiber plant in Isfahan...
Detroit's gloomy mood even extends to mighty General Motors, which lost $100 million on operations in the third quarter. Still stuck with 330,000 of the 1979 model autos and trucks, GM has started its own incentives of $100 to $400 per vehicle for dealers. Yet no come-ons are needed for small models. People attempting to buy the gas-sipping Chevrolet Citation and other GM "X-cars" have waited six months or more for delivery...
...most serious charge, DeLorean contends that GM knew about the safety problems of the Chevrolet Corvair before production began and failed to remedy them. Claims DeLorean: "Charlie Chayne, vice president of engineering, along with his staff, took a very strong stand against the Corvair as an unsafe car long before it went on sale...