Word: gm
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Dates: during 2000-2009
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...factories. In Agnelli's honor, though, workers have postponed several stoppages planned for the coming months. Agnelli had already sold a 20% stake in the auto company to General Motors for $2.4 billion in stock in 2000, in what turned out to be a better deal for Fiat. GM has already taken a $2-billion writedown on the stock. Yet it may have to acquire more. Fiat has a put option that could force GM to buy the remaining shares after 2004. "Fiat Auto cannot be a stand-alone company competing on a global level," says Gareth Williams, an auto...
...buyers have always added features, a major profit driver for automakers and customizing shops that garners an estimated $26 billion-plus in sales each year. Gary Cowger, president of GM North America, says the trend toward personalization is evident in sales of the Hummer H2, a favorite of affluent baby boomers. Sales of accessories like running boards, brush guards and roof racks are "much better than we expected," he says...
...introduced in 1989, is still purring along, with around 15,000 sold each year. Though Chevy's Corvette celebrates its 50th birthday next year, it still accounts for a third of all U.S. sports-car sales, and with its price pushing $50,000, it turns a nice profit for GM...
...risks of producing sports cars are so high that a weakened Detroit is treading cautiously compared with its foreign rivals. Having seen their combined share of the U.S. car market drop to 47%, from 65% in 1992, and in the midst of multiyear turnaround plans, Chrysler, Ford and GM argue that siphoning resources from their most profitable product lines--trucks and SUVs--would be foolish. "It's a question of priorities," says Chris Theodore, Ford's vice president for North American product development. "Nobody here says you can't build a two-seater, but it comes down to making...
...situation is similar at GM, though it will launch a Cadillac two-seater (price: an estimated $80,000) and a combo roadster-truck, the Chevrolet SSR, both for next year. Producing a sports car in the sub-$40,000 segment is not part of GM's public plans, at least not yet. While the prototype of its Pontiac Solstice was a hit with critics at auto shows, GM has not said whether the car will be produced...