Word: lacocca
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Dates: during 1980-1989
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...turned out to be a near miss. Problems with advanced robotic welders and material handlers slowed initial production so that only 10,000 cars, less than a third the number needed, were in showrooms on the official introduction date, Oct. 2, 1980. Chrysler flubbed in other ways as well. lacocca sent the earliest models out with high-profit options like velour upholstery and electric window lifts that pushed the sticker price from $6,000 up to $9,000. But buyers did not want the extras. Until the production imbalance was corrected, sales did not really take...
Ever the optimist, lacocca had predicted before Congress that Chrysler would lose only $482 million in 1980. Instead, the losses ran to $1.7 billion, much higher than 1979's record $1.1 billion deficit. The company was hemorrhaging cash. Just in time, the K-car caught on; in its first year, it won more than 20% of the compact-car market. Despite this, Chrysler's survival continued to be a week-by-week proposition throughout 1981. The losses were lower, if still unspeakably high: "only" $475.6 million. lacocca and other executives periodically braced themselves for "drop-dead dates," deadlines when...
...Japanese colleague, Tomio Kubo, chairman of Mitsubishi Motors Corp., which builds two small-car models for Chrysler, pays lacocca a compliment. Says he: "In the person of Mr. lacocca we have developed a sense of security about the corporation and its future." He explains that lacocca "shows signs of Oriental wisdom." Perhaps Mitsubishi's boss has noticed that in rebuilding Chrysler, lacocca has turned from American role models and is looking to the Japanese. While he has tried to appropriate the expensive, high-gloss image of European automobiles for his more modest creations, lacocca has borrowed heavily | from the successful...
...Americans who pay extra for an intermediate-or full-size car want to be convinced that they are getting additional value, not just a knock-off of an existing model. Bigger and better-heeled automakers can still afford to crank up entirely new designs when they are needed. Admits lacocca: "We have to say, 'Do you want vanilla or chocolate?' GM says, 'Do you want vanilla, chocolate or strawberry?' " Later this year, for example, Ford will roll out its replacement for the rear-wheel-drive Ford Fairmont/Mercury Zephyr, known as the Tempo/Topaz. The totally new designs will have front-wheel...
...Ford, lacocca dazzled buyers with the elan of a three-card monte dealer by spinning off the Mustang and Continental Mark series from existing chassis combinations. Now he is trying to do the same thing with virtually an entire line of cars. The $5,900 Dodge and Plymouth 1981-model K-cars begat the $8,100 1982 Chrysler LeBaron and Dodge 400, the $12,300 Chrysler LeBaron convertible (see box) and the 1983 Chrysler E Class and Dodge 600, which sell for $9,000 to $12,000. By stretching the K-car, he produced the luxury Chrysler New Yorker...