Word: lacocca
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...last resort, will be forced to ask Washing ton for the final $300 million of the $1.5 billion in Government loan guarantees authorized during the The Carter Administration. The company, though, says it has no plans to ask for the additional aid. Only three months ago, Chairman Lee lacocca announced a $12 million profit for the second quarter and said, "We've got our act together, and we're on our way back...
...sign of the firm's weakness rather than its strength. Ford lags behind General Motors and Chrysler in the area of frontwheel-drive, gas-efficient cars. Ford's troubles date back to a blunder in 1975, when then Chairman Henry Ford II overruled President Lee lacocca, now Chrysler's chairman, and slowed the development of the firm's front-wheel drives...
Chrysler was the first automaker to link interest rates to sales. Early last December Chairman Lee lacocca complained that the then 18.5% prime rate was "ridiculously high," and he cut car prices by 6%. This summer, however, both Chrysler and Ford have used the traditional sales stimulants of cash rebates and dealer incentives instead of interest-rate promotions like GMAC...
...pressed to stay in the black for the rest of the year. Even though it has sharply reduced the size of its operations and drastically cut costs, the company is headed into the year's slowest selling season. Sales will also be sluggish if interest rates remain high. lacocca last week predicted a good second half of the year for Chrysler and the rest of the industry if interest rates drop to 15% or less. But he added: "If they stay at 20%, look out-it will be disaster...
...Millions of Americans have been delaying replacement of their old cars, but at some point they will be forced to take them off the road. The new voluntary restrictions on Japanese auto exports should also eventually help the sale of American models. But it may be a while before lacocca will be able to repeat last week's profit announcement...