Word: gm
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Dates: during 1990-1999
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GENERAL MOTORS DENIED THAT ITS SIDESADDLE gas tanks caused the death of Shannon Moseley, a 17-year-old killed when his 1985-model GMC pickup exploded three years ago. As it has in some 100 similar cases, GM called the driver the culprit...
...jury disagreed. Moved by a prosecutor's prediction that without a recall, "more will burn, more will die," visibly angered jurors granted $105 million in collective damages. GM's ultimate loss depends on whether the Federal Government orders the company to recall all 4.7 million pickups and spend $500 million doing...
...UNACCEPTABLE." IT IS EASY TO SEE WHY G. RICHARD Wagoner, chief financial officer of General Motors, used that term to describe his company's health- care costs. GM will report a loss of about $23.5 billion for 1992 -- the largest in U.S. corporate history, almost all of it due to the costs of health care for the company's 594,000 retirees and their families. Forced by new accounting rules to reflect the burden of its retiree benefits more clearly on its books, GM had to bite a $20.8 billion bullet. Two months ago, Ford took a $7.5 billion...
...sales blitz, which included generous rebates and below-cost offers to dealers, Ford won the crown by shipping 409,751 Tauruses. Despite a lackluster year for car sales in general, Ford executives had much to celebrate: the company's share of the new-car market pushed above 20%, as GM's and Chrysler's shrank...
Japan's setback provides a moment of respite for America's Big Three, which have problems of their own. GM, the most bloated U.S. automaker, plans to lay off 74,000 of its 360,000 workers in a bid to cut costs. Ford will post an estimated $6 billion loss for 1992, largely because of a huge write-off for future retirement obligations. Chrysler remains saddled with $13 billion in high-interest debt...