Word: cars
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Dates: during 1980-1980
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...immediate cause of Chrysler's latest crisis was the reluctance of its dealers, whose lots are already packed with unsold cars, to order any more. This has forced the company to cancel plans to build some 15,000 cars in December. The dealers' decision means that Chrysler will have $100 million less than expected in the bank on New Year's Day. With January and February traditionally bad months in the car business, it was also apparent the company might soon be facing a negative net worth. That kind of financial slippage could block further Government...
Chrysler's problems, though, have been building for months. High interest rates, an initial shortage of low-cost models and the unwillingness of customers to buy cars from a company that seemed about to go out of business have cut in half projected sales of the stylish, economical K-car. Even the once popular sub-compact Dodge Omnis and Plymouth Horizons are selling poorly, and dealers now have more than a 120-day supply, twice the desired amount. As the auto industry last week prepared for its annual holiday shutdown, only three of Chrysler's six assembly plants...
Even if the plan is accepted by all the parties involved, the ultimate survival of Chrysler will depend on selling the slow-moving K-cars in a recession-battered market. Without an upturn in car sales, no special deal will be able to keep the nation's 17th largest out of bankruptcy court...
DIED. Peter Gregg, 40, U.S. driver who had dominated sports-car racing since 1971; of a self-inflicted gunshot wound; in St. Johns County, Fla. Gregg, who drove modified Porsches to victory in 47 races and six annual championships of the International Motor Sports Association, once said: "Winning is no longer that important. I just don't want these other guys...
...case, it will be a healthy sign for Mr Reagan should the public start calling him Ronnie or even Sweet Eyes. TIME'S congressional correspondent Neil MacNeil recalls that when Mike DiSalle, then mayor of Toledo, escorted ex-King Michael of Yugoslavia in an open-car parade, the citizens called out to the mayor, "Hey, Mike" and "Mike" this and "Mike" that. The King observed to his host that the people didn't seem to treat him with much dignity by calling him Mike. Replied DiSalle: "If your people had called you Mike, you might still be King...