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10 car makers who filed for bankruptcy World Auto News By kleo. Auto News
Today’s world is a world of strong competition and dangerous rivals. When speaking about the biggest car manufacturers the competition becomes extra dangerous and rivals grow extra angry.Thus, such competitions and several crises can make any car giant file for bankruptcy or, at least, almost do this. Here is a little list of the famous car manufacturers to be close to bankruptcy or to file for it.
1. BMW was one of the most prosperous manufacturers in Europe. But despite this fact and due to the competition with Mercedes, another automobile giant, the company almost came to brink of bankruptcy. But happy chance saved BMW. In 1959 the new model BMW 700 success made the company take its status back.
2. Italian manufacturers filed for bankruptcy as well. In the early 70s there was an oil crisis which influenced on the high performance car sales. This led that in 1978 Lamborghini declared bankruptcy. The company had to go under Swiss brothers Mimran’s control.
3. In the mid-90s Asian crisis resulted in Daewoo Motors bankruptcy and losses of approximately 20.000 workplaces. Before this, the company made a lot of borrowings which weren’t paid. After all, in 2005 GM let all Daewoo vehicles have names of Chevrolet in Europe.
4. The greatest Japan manufacturers can also have to file for bankruptcy. In 1999 Nissan Motors shifted the expectations and the company nearly declared about bankruptcy. Honestly speaking, the company growth trajectory was too complicated and the debts of the company were more than 22 billion dollars.
5. In 1961 Rolls Royce company invented RB211 engine. But nevertheless Lockheed L-1011 Tristar passenger aircraft denied giving certification for the engine. This fact and the other technical problems had the company declare about bankruptcy in 1971 and the company was taken to public ownership.
6. In 2005 Mitsubishi was near bankruptcy because the old guard destroyed the brand reputation. The scandal broke out because of the hidden defects. And, after all this, it was a real miracle that the launch of the production reached 1.3 billion vehicles in 2007.
7. Hyundai could not save its positions as well. In 1997-1998 during Asian crisis meant above, the Hyundai had the true revolutionary events inside and outside the company. The directors try to ruin their rivals and tell badly in press about some members. By 2001 the sum of debts was $25.59 billion and this lead that Hyundai Motor Co. separated from Hyundai group.
8. MG Rover finished its activity on May 8th, 2005. Heavy losses made British-owned big car maker declare about its bankruptcy. The company wasted $500 million cash loan by BMW but all in vain.
9. In the beginning of 2007 Ford nearly sank because decreased sales had been haunting Ford quarter after quarter - rapidly depreciating stocks. The newspapers called this problem “the death of old America’s era”. Now it has even worse problems. After the financial crisis Ford cannot compete with cheap and better quality vehicles. That means it is closer to bankruptcy than other car manufacturers.
10. But GM is closest of all to file for bankruptcy. To support Opel subsidiary in Europe GM had to plea German government for a ?1 billion credit. GM relied on Africa and Asia markets, but the sales declined 18.9% in Africa and dropped 45% in the USA. GM appealed for urgent $25 billion dollars to build more efficient vehicles. The bankruptcy of the company will lead to many negative echoes from all over the world for it has plants almost everywhere. This fact gives the chance to hope many people will do their best to keep workplaces and local economics.
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