Word: volkswagen
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Last week the activist economists in Britain's Labor government (see THE WORLD) put through a stern pound-protecting program. A new 15% tax on manufactured imports will have the effect of doubling tariffs, adding 28? to a bottle of sherry and $225 to a Volkswagen. The government also started to "re-examine" the joint Anglo-French projects to build the Channel tunnel and the Concorde supersonic jet transport (the French feel certain that Britain will try to pull out of the Concorde). On top of that, the government announced a tax kickback for exporters, amounting...
Last week France's sixth ranking auto company, Facel-Vega, went out of business. Meanwhile, the two largest German-owned auto companies, Volkswagen and Daimler-Benz, put through a partial merger. In an agreement that foreshadows further pooling of resources, Volkswagen anted up $20 million for half interest in Daimler-Benz's Auto-Union subsidiary...
...Europe's old-line producers are being pressed by well-financed local subsidiaries of U.S. companies. France's fastest growing auto firm is Chrysler-controlled Simca, which has increased sales 25% this year. General Motors' Opel and Ford's German subsidiary have closed in on Volkswagen, increased their combined share of the German market from 32% in 1962 to 41% last year. In Britain, Ford has captured 31% of this year's market, a new high. Ford is invading Italy, too, last week introduced the Anglia Torino, a small sedan that will be assembled...
...Volkswagen Chairman Heinz Nordhoff and Citroën's Pierre Bercot have both expressed alarm at growing competition from "American giants" in the European market. Fiat's Chairman Vittorio Valletta has openly called for a cartel of European producers, and Renault's President Pierre Dreyfus favors government protection against the U.S. subsidiaries...
...model, which is roomier, racier and more luxurious than the standard small Fiat; sales have reached 1,000 a day. British Motor Corp. has brought out a new Austin "1800" model to compete against Ford's Cortina and G.M.'s Vauxhall Viva. In Germany, the larger Volkswagen "1500" has made up some of the sales that the old beetle-back has lost. The French auto industry, which has not introduced a new model all year, looks forward to a lift next spring, when Renault and Peugeot will bring out fresh designs...