Word: unsold
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...year began, moreover, the American manufacturers were surrounded by doleful statistics: 14 assembly plants shut down; almost 300,000 assemblers, clerks, accountants, designers and middle-level managers-20% of the industry's work force-laid off; 1.7 million unsold cars sitting in factory and dealer lots; and sales lurching along at 25% below the December 1973 pace...
...bonuses awarded to dealers for selling a certain number of cars per week or month; they enable dealers to quote bargain prices well under list to customers yet still make a respectable profit. But if Chrysler's variation helps the company cut down its 127-day stock of unsold cars-by far the largest in the industry-other carmakers might be tempted to cut prices or offer rebates...
...over a severe cash shortage caused by plunging sales. Peugeot and Citroen have sought and received financial backing from the French government for a desperation merger. Italy's Fiat, hit by a sharp decline in sales, is struggling to unload an inventory of some 345,000 unsold cars. Meanwhile, a variety of troubles have overtaken the largest auto manufacturer outside the U.S., West Germany's Volkswagen...
...Unsold Autos. The most frugal buyers next year will probably be auto firms, airlines, textile makers and producers of "white collar" office equipment like computers. Electric utilities will hold their expenditures to about $17 billion next year, little changed from 1974; yet because of inflation, their outlays will be down in real terms for the first time in years. Most forecasts agree that the biggest spenders in 1975 will be coal, copper and other mining companies, which plan to increase their capital outlays by a dramatic 40%, to $4 billion, the petroleum industry (up 35%) and iron and steel firms...
Most companies are likely to want to defer expansion programs at least until they can unload the Mt. Everests of unsold goods they have accumulated. Last week the Commerce Department disclosed that largely because of the buildup of unsold autos, business inventories in October rose $5.6 billion, the biggest monthly jump so far this year. Many industries are already operating at only 80% of capacity; they see no urgent reason to increase their production potential in the face of signs that corporate profits may plunge 15% to 20% next year and so long as consumers continue to keep their hands...