Word: volkswagen
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Saved by a Flash. Faithfully as they had imitated Blue Monday's plunge, foreign exchanges shot up on the news of Wall Street's Tuesday rally. On the Frankfurt Exchange, Volkswagen shares abruptly jumped from $125 to $145-higher than before the price break. In London, the Evening News headlined BOOM AFTER GLOOM and the Financial Times index showed its biggest morning surge since the 1959 Tory election win-though prices sagged again by week's end. Most dramatic of all was the recovery of the Sydney Stock Exchange: slow to receive news of Blue Monday, Australian...
Beating the Sneer. Each of its three biggest members entered the Common Market with one big auto manufacturer that dominated its market: Volkswagen, with 40% of production in Germany; government-owned Renault, with 35% in France; Fiat, with 90% in Italy. When the Six first got together, there was widespread suspicion that the major European automakers would succumb to the Continental fondness for cartels and divide the car market into cozy segments. Instead, they have reacted like tiger sharks...
Fiat, which had long sheltered behind a tariff wall so high that even rich Italians could scarcely afford a foreign car, greeted the Common Market by slashing its prices at home and doubling its dealer force in the rest of Europe. Volkswagen, which before the advent of the Common Market regarded France and Italy as lost causes, now has plans for 120 French dealerships, and by relentlessly efficient servicing is slowly overcoming the longstanding Italian sneer that the beetle is brutta (ugly...
...Germany, France's Renault is fighting to overtake Fiat as the most popular foreign car by offering "financing up to 24 months-with only 25% down." From the outside, Ford is selling so aggressively in France that its English models outsell Volkswagen and all other foreign cars...
...they plunge deeper into U.S.-style competition, Europe's automakers are abandoning their old tendency to concentrate on one class of car. Like Detroit's Big Three, they are now making an effort to offer models suited to every pocketbook and taste. Volkswagen has expanded its line to include the medium-sized (for Europe) 1500 model. The luxurious Mercedes has acquired the pint-sized DKW, and English Ford has turned its Zephyr and Zodiac lines into luxury cars. In a curious alliance of two state-controlled companies, France's Renault and Italy's Alfa Romeo plan...