Although it is scarcely a consolation to Detroit, the big European automakers are also having their problems. British Leyland, which is one of Britain's largest non-nationalized industrial firms, has been forced to go, hubcap in hand, to Harold Wilson's Labor Government for a five-year loan of $230 million or so to help it get over a severe cash shortage caused by plunging sales. Peugeot and Citroen have sought and received financial backing from the French government for a desperation merger. Italy's Fiat, hit by a sharp decline in sales, is struggling to unload...
To continue reading:
or
Log-In
