One might think from all the recent press, that Ford Motor Co. and General Motors are the only manufacturers to have ever been in such dire straits, while all the others are laughing their way (quietly) to the bank.
But Rick Popely of the
Chicago Tribune reminds that the remaining Big Two (Chrysler being the American half of Germany's DaimlerChrysler) are part of a long and troubled automotive history.
In 1999, Nissan was debt-riddened and losing money over its mediocre products when French automaker Renault purchased a controlling interest in the company. It then sent in Carlos Ghosn, who proved instrumental in rejuvinating the company to its current status.
Hyundai Motors was preparing to leave the U.S. market in 1998 when (former) Hyundai Motors North America CEO Finbarr O’Neill took over, starting the now famous ten-year warranty. (Pictured is the now infamous Hyundai Excel)
Popely’s article also discuss how manufacturers get into such predicaments, and how GM and Ford's moves may be the road to the right direction.
[Source: Chicago Tribune via Middle East North American Financial Network]
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