Word: gm
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Dates: during 1980-1989
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Iacocca's most startling disclosure is that last year he explored the possibility of a $40 billion takeover of beleaguered General Motors, which is four times Chrysler's size. As proposed by Edward Hennessy, chairman of the industrial conglomerate Allied-Signal, the takeover would have given Allied- Signal GM's auto-supply operations and Chrysler the rest. After talking it over with investment bankers and lawyers, Iacocca rejected the notion as too much of a reach. Said he: "I concluded that it might be easier to buy Greece...
...posted an all-time industry high of $4.6 billion in profits, with sales of $71.6 billion. In 1988 Ford is already ahead of last year's blistering pace. First-quarter earnings rose by 8.9% from the same period in 1987, to $1.62 billion, topping the combined profits of GM ($1.1 billion) and Chrysler ($184 million). Though 75% of Ford's earnings come from the U.S., it is also doing well around the world. Revenues in Western Europe went up by 25% last year, to $15.7 billion, and even in Japan, Ford has scored persistent, if modest, sales increases. Looking...
Several automakers cited in complaints of sudden acceleration have tried to pin down the causes of the problem. GM engineers have found no mechanical flaw at fault...
...break into the market for $50,000-plus prestige cars -- a lucrative slice of the business completely dominated by the Europeans. General Motors' first entry was last year's $56,533 Cadillac Allante, which is designed and partly assembled in Italy. The Allante has flopped in the marketplace, but GM does not give up easily. Early next year the company will introduce a souped-up version of the Corvette, called...
When it rolls off the assembly line in Bowling Green, Ky., the ZR1 will become the first $50,000 production car built entirely in the U.S. GM is not saying much about its new roadster, but Car and Driver magazine claims the ZR1 will hit 190 m.p.h., which would put it in a class with the best European performers. The current top-of-the-line Corvette reaches only 159 m.p.h. and costs...