Word: yugo
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Dates: during 1980-1989
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...When the Yugo subcompact was introduced into the U.S. four years ago, its promoters billed it as the next Volkswagen Beetle. But last week Global Motors, importer of the Yugoslav-made car, filed for Chapter 11 bankruptcy protection. The car's initial allure was its low base price, which started at $3,990 in 1985 and is now $4,349. But the car ran into competition from South Korea's Hyundai Excel, which began selling...
Moreover, the Yugo's reputation went downhill because of its bumpy handling and lack of amenities. Sales slumped from 48,532 autos in 1987 to 31,546 last year. Even so, the manufacturer, Zavodi Crvena Zastava, plans to take over its U.S. importer's operations and continue selling...
Although a Yugo can be had for less than $4,000, making it the cheapest car in the U.S., its fortunes have been flagging. Americans bought only 43,000 of the glitch-prone subcompacts last year -- well below predictions made when the two-door hatchback was first imported from Yugoslavia in 1985. Now a consortium organized by the Mabon, Nugent investment firm in New York City has paid $40 million to gain control of Yugo America and has promised to spend $40 million more for a campaign to tout new models...
This fall the company will introduce a convertible (base price: about $8,000). It and all current Yugos will be backed by perhaps the most generous auto warranty ever. During the first year, all parts and maintenance, from routine oil changes to not-so-routine repairs, will be free. Next year a sleek four-door model will be available. Yugo officials say it will be snazzy and dependable. Says Senior Vice President Tony Ciminera: "You won't even know it's a Yugo...
...ties with the East Germans. Given that the missiles accelerate from 0-to-Mach 1 in an average of 30 seconds, the new line of East German cars should blow the BMW's off the Autoban and improve the self-image of socialists, whose last automotive offering was the Yugo...