Word: volkswagens
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There is little chance of a Chrysler-type financial Armageddon. Ford remains a globe-girdling, diversified corporation with 1978 earnings of $1.6 billion on revenues of $43 billion. Its glass, steel and aerospace operations boast record earnings, as does its international automotive business, which ranks second only to Volkswagen outside North America. And Caldwell is a cool, analytical manager who is credited with turning around international operations, which produce two-thirds of Ford's profits. Can he rebuild domestic sales? Cautions Caldwell: "This is a long-lead business. A lot will come two to three years from...
...prospects for takeover or merger. In the real world auto market there will be associations, mergers and joint ventures by the hundreds. As for the rumor of a Chrysler-Volkswagen deal last summer, there was absolutely nothing to it. But if you ask me whether we are a prospect, the answer is yes. It would be a hell of an investment for someone. Sure, the balance sheet does not look good, but I am a great believer that if you buy a company, you buy its management and its future. And our management and our future products are Class...
...some more operations. Its small marine products division, which makes outboard motors and boats, and its 15% investment in France's Peugeot could well go on the block. The company may also sell one or more of its U.S. engine or transmission plants to a major importer like Volkswagen or Japan's Honda and work out a deal for Chrysler to buy back some of the production. In sum, the company will have to accept a reduced role in the auto market...
...those arguments can be countered. Even if Chrysler were to fail, another company would take over its tank business; the domestic auto industry would remain competitive because Volkswagen is expanding production in the U.S.; other auto manufacturers would enlarge their production-and hire plenty of workers to meet it. Still, the threat of unemployment, even if temporary and spotty, was the decisive point for Administration policymakers in this preelection, recession year...
...Volkswagen's moves are certain to cause other foreign automakers to recon sider their plans for producing in the U.S. Volvo, which two years ago canceled plans to start production at the plant it owns in Chesapeake, Va., might be tempted to produce its new lightweight "Car of the Eighties" there. The Japanese, who face much the same currency problem as the Germans, are bound to consider American production seriously as a way to stop Volkswagen from regaining for good its old dominance over them...