Seldom in peacetime had the auto industry been so prosperous. But as most of the automakers brought out their first-quarter earnings last week, they kept their fingers crossed. They were afraid the figures were too good to be true—for long.
General Motors led the list with a net of $96.4 million on gross sales of $1,089,000,000, the best quarter in its history. Studebaker also hung up a record with a net of $4.2 million, up almost 162% above 1947's first quarter. Packard, which had been deep in the red in the first quarter last year because of steel shortages, totted up...
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