Word: lacocca
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Dates: during 1970-1979
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...double whammy on auto sales caused by gasoline shortages and recession, Chrysler is stuck with the highest inventory of the Big Three. In all, 80,000 cars and trucks, about a 95-day dealer supply, are lined up outside plants in rows resembling Flanders Field. President Lee lacocca, who will become Chrysler chief executive by year's end, made an unprecedented appearance at the United Auto Workers' bargaining table last Friday to ask the union to accept a two-year wage and benefit freeze...
Cannily laying the blame for Chrysler's bloodletting on federal safety, mileage and emission regulations, Chairman Riccardo is asking Congress for $1 billion in tax refunds, exactly the amount that meeting Government standards will cost the company between now and the fall of 1980. By then lacocca will produce those front-wheel drive Mustangs-in-Chrysler-clothing that are supposed to restore the company's competitive edge...
...million deficit. Chairman John Riccardo has made a dozen trips to Washington since mid-1978 to plead for tax breaks and relief from some federal environmental and safety regulations. His hope is to ease the financial strain enough to skinny through to 1981, when President Lee lacocca is expected to bring out a series of front-wheel-drive compacts to compete with General Motors' successful X cars. By then, a new plant will also be producing small engines for Chrysler's popular but scarce subcompact Omnis and Horizons...
...unit sales are off 16.9% for the year so far, vs. 5.3% for General Motors and 16.2% for Ford. At its present pace, Chrysler would need more than 200 days to sell off the substantial inventories of its big New Yorker and St. Regis models. In May lacocca announced the closing of the second plant in 30 days, the large factory in Hamtramck, Mich.; 2,200 of its workers will be laid...
...lacocca, president of Chrysler Corp., at George Washington University: "There is no free lunch. The consumer pays...