Word: gm
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Dates: during 1990-1999
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Then, just as Ford and Chrysler were reporting 20% gains in car sales, GM products slipped 3.7%. This created the potential for a fourth-quarter loss of $1 billion, to finish off a record third year in the red. Because of declines in its investment portfolio, GM's unfunded pension liability has swollen from $8.6 billion to $11.4 billion. GM is preparing to freeze salaried wages and again suspend executive bonuses, selling off money-losing operations like National Car Rental and stopping production of its slow-selling Cadillac Allante ($61,675) sport coupe. Not even the Allante's powerful...
BUSINESS: GM's Truck Trouble...
Krug, a former oil-company foreman, was one of more than 300 people killed since 1973 in collisions involving burning gas tanks in GM pickups, according to the Center for Auto Safety. While the company denies that the trucks are prone to catch fire and accuses plaintiffs' lawyers of sensationalizing the accidents, GM documents released last week suggest that the automaker recognized as long ago as 1983 that the fuel tanks could be made much less vulnerable to side-impact collisions. GM has already been hit with more than 100 product-liability lawsuits in connection with the gas tanks...
...fuel-tank controversy may worsen the woes of the world's largest company. In the past few weeks GM has reshuffled its top management, accelerated plans to lay off tens of thousands of workers, and reported a third-quarter loss of $753 million. Analysts estimate that the gas-tank problem could eventually cost GM as much as $700 million in legal fees and damages. So far, the company has paid out more than $200 million in ( settlements, according to the CAS. What remains incalculable is the effect on GM's image at a time when the company is struggling...
...GM's pickups, sold under the Chevrolet and GMC nameplates, are commonly used as recreation vehicles and as workhorses in fields like construction and farming. As in Ford and Chrysler pickups, the gas tank in GM trucks was mounted inside the cab, behind the seats, until federal regulations in 1973 forced the companies to relocate the tank. Ford and Chrysler placed it underneath the vehicle's chassis, inside a set of heavy-steel frame rails. In GM models made between 1973 and 1987, however, the gas tank was mounted like a saddlebag, outside the frame. This configuration made the tank...