Word: gm
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Dates: during 1990-1999
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...uses little oil. And it gets 120 miles with each fill-up. Miles ahead of its time, the Impact is an electric car that runs on 32 10-volt batteries. Since it burns no fuel, no tail pipes emit noxious fumes into the atmosphere. Though the car is experimental, GM last week announced it would produce it in a plant that can turn out 25,000 autos a year, signaling the company's most ambitious venture yet in electric vehicles...
...first time since 1980, General Motors ordered deep cuts in the dividends it pays to stockholders -- from 75 cents to 40 cents a share. GM also said it will curtail executive bonuses this year and phase out 15,000 white-collar jobs by 1993. The dividend cut alone will save $840 million a year...
Industry experts foresee even worse news ahead for the company: they project a $1.4 billion loss, the firm's worst ever, when fourth-quarter 1990 earnings are announced this week. But Wall Street analysts applaud GM's moves, saying they indicate that the world's largest automaker is preparing for a long, hard recession. And with sales of domestic cars plummeting 31% in January to the lowest level since 1982, they predict that Ford and Chrysler will be forced to make similar cuts in the spring...
Cleanest Machine For the first time, a major manufacturer said it would be able to mass-produce a nonpolluting car. GM's electric Impact would be twice as expensive to operate as a regular chariot, but ever improving batteries should eventually change that. Besides, isn't clean air worth something...
Where's Saturn? Frustrated dealers and prospective car buyers have been asking that question since General Motors rolled out its much touted new auto in October. Last week GM's Saturn division said that trouble in fitting the car's doors and other exterior components, and in obtaining parts that meet strict quality standards, had limited production through Nov. 30 to 2,162 autos, one- third of the planned output. Saturn said it was correcting the problems, and expects to build 3,000 cars in December, still less than half the projected production rate...