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Cost Cutting Spurs Auto Makers Profit Rise Despite Slump
In a weak sales year, U S automakers post a second quarter industry profit of 566.3 million, led by GM with 514.6 million and Ford at 60 million. Chrysler narrows loss to 11.6 million while American Motors remains red. Half-year losses shrink to 34.3 million as cost cutting and debt payoffs boost results. High interest rates curb demand despite plant closings and wage concessions.
MENTIONED IN THIS ARTICLE
Detroit
U.S
General Motors Corp
Ford Motor Co
Chrysler Corp
American Motors Corp
No. 3 Automaker
Lee Iacocca
United States