Word: lacocca
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Dates: during 1970-1979
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That is the earliest time Chrysler can expect to make money from the new generation of front-wheel-drive compact cars now being developed by President Lee lacocca, who will replace Riccardo as chief executive by this year...
...that another 4,600 workers had been laid off, bringing the total to 23,800, nearly a quarter of its normal blue-collar force. Chrysler also reported that, partly to save money, it was pulling out of a proposed joint venture with a Taiwan company to produce trucks. And lacocca disclosed that the company was considering dramatic cash rebates to customers of up to $500 a car; the aim would be to clear its staggering factory stockpile of nearly 80,000 unsold vehicles, valued at just under $700 million. Chrysler still has some 1978 models unsold, and, at current levels...
...company specializes in making larger cars, vans and recreational vehicles. Since the gas crisis started, sales of these relics have, in lacocca's words, "been dropping like a rock." In this year's second quarter, unit sales were down 28% at Chrysler, compared with 27% at Ford and 15% at General Motors. GM and Ford, being bigger, are better able to withstand downturn. Also, they normally manufacture cars only after dealers order them; alone among the Big Three, Chrysler until recently produced autos essentially on speculation and then tried to market them to dealers. Because its dealers...
...Chrysler appears to have one hope: to stay solvent in any way possible until lacocca, who is to auto sales what Patton was to tank warfare, can bring forth the cars to save the company. He will need help-and not just from Washington. The United Auto Workers rejected his plea for a wage freeze, but delegates from its Chrysler council agreed to reconsider making concessions once the UAW agrees to a new three-year contract with GM and Ford. Said UAW President Douglas Fraser: "We'll take into consideration whatever is needed for the survival of Chrysler Corp...
...company's three corporate jets. Bankers may have to accept deferred payment and lower interest. A committee representing Chrysler dealers has offered to lend the company $50 for every car they receive-a deal that ultimately could amount to an interest-free credit totaling $120 million. lacocca has already confirmed that certain suppliers have agreed to extend terms of payment. Chrysler has also asked some to cut prices by as much...