Autos: When G.M. Speaks

A couple of years ago, Henry Ford II was asked about his company's plans for pricing upcoming models. "I haven't got the slightest idea," he replied. "We don't make prices here." What Ford meant was that to all intents and purposes, Detroit prices are set by General Motors, which has 53.3% of the market and is clearly the industry leader. Chrysler Corp. apparently has yet to learn the lesson that Henry Ford accepts as a fact of automobile life. Both in 1966 and 1967, Chrysler announced big price hikes, only to back down when G.M. came out with lesser...

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