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...Renault comes to rescue...

Author: /time Magazine | Title: Business: Le Bailout | 10/6/1980 | See Source »

...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...

Author: /time Magazine | Title: Business: Le Bailout | 10/6/1980 | See Source »

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...

Author: /time Magazine | Title: Business: Le Bailout | 10/6/1980 | See Source »

...tiny automaker is dim. Although it has specialized in small cars for more than 25 years, "AMC has never had the capital to design autos that were technologically competitive. Today it has just 1.7% of the U.S. market. AMC's only new models this year are the Renault 181, which it is importing from France, and a four-wheel-drive subcompact. By 1982 AMC may be phasing out the existing subcompact Spirit and compact Concord, leaving it with a Renault-designed small car to be built at its only surviving passenger car plant, in Kenosha, Wis. American Motors will...

Author: /time Magazine | Title: Detroit's Uphill Battle | 9/8/1980 | See Source »

...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...

Author: /time Magazine | Title: Detroit's Uphill Battle | 9/8/1980 | See Source »

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