Word: unsold
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Ford's share of the U.S. auto market has dropped from 23.5% at the end of 1978 to 20.9%, its lowest in a decade. It is selling 15% fewer cars than it did last year (vs. 9% for Chrysler). With a 75-day backlog of unsold cars, Ford has had to lay off indefinitely 22,600 hourly workers, about 10% of its labor force...
...ailing Chrysler Corp. has been using $400 rebates and the pitching of Joe Garagiola to whittle down its huge inventory of unsold cars for a month now, but the firm's most important marketing drive is just beginning. Late last week the nation's No. 3 automaker submitted to Treasury Secretary G. William Miller a 27-page recovery plan with 90 pages of exhibits that laid bare inside details on profitability and marketing strategy of a kind that no automaker had ever before revealed. Said one Chrysler official: "We are really taking our pants off on this...
...years, the great American promise was not a chicken in every pot but a big car in every garage. No more. With fuel prices edging into three digits, buyers have been thinking less about class and more about gas. As a result, car lots are clogged with 2 million unsold autos, many of them yesterday's glamorous giants, and dealers have become desperate...
...pulling out of a proposed joint venture with a Taiwan company to produce trucks. And lacocca disclosed that the company was considering dramatic cash rebates to customers of up to $500 a car; the aim would be to clear its staggering factory stockpile of nearly 80,000 unsold vehicles, valued at just under $700 million. Chrysler still has some 1978 models unsold, and, at current levels of demand, more than 200 days' supply of many of its 1979 cars...
...which Japanese automakers zipped past it in many major markets. Detroit executives point out that Volkswagen, which is the most firmly established foreign automaker in the U.S., does not need Chrysler's dealer network or antiquated plants. Most of all, VW does not need Chrysler's huge unsold inventory of big autos that could become the albatrosses of the gasless summer...