Word: renault
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Dates: during 1980-1989
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Frost's simplistic assertion that public equals inefficient equals bad is contradicted by the experiences of Volkswagen and Renault. These two government-run (German and French, respectively) automobile firms have turned handsome profits and sold many cars in British Leyland's own market by investing wisely in new capital and research and development. Putting the blame for Britain's problems on government spending alone is cloud-cuckoo emotionalism and bad economics. It wins elections but doesn't run countries. According to Mr. Frost, only Mrs. Thatcher's strong stands on such questions as immigration and law and order--the sort...
...Renault comes to rescue...
...Washington is willing to prop up Chrysler, will Paris help salvage American Motors? Apparently so. Last week AMC and France's state-owned Régie Nationale des Usines Renault, Europe's fourth largest car company, unveiled a labyrinthine financial deal that amounts to a Big Money bailout of the weakest and smallest of the major U.S. automakers. The survival scheme, which the firms have been negotiating since July, would inject $500 million in cash into AMC. Also, the deal could wind up providing Renault, which already holds 5% of AMC's stock as a result...
Officials of both companies insisted last week that AMC management will remain in American hands. But Renault will now be able to name five of the 16 members of the company's board of directors. Renault is eager to use AMC's 1.65% market share as a base for further expansion into the U.S. market...
...deal with Renault is a forerunner of the worldwide consolidation that is likely to take place in the auto industry during this decade. Last week, for example, Ford confirmed that it was continuing discussions on a deal with Toyota to build cars in the U.S. Some observers predict that mergers among the world's 30 major auto producers will finally result in perhaps only nine superfirms doing business in all parts of the globe. Three of these might be based in the U.S., three in Japan and three in Europe. In addition, there will probably...