In predicting the success of a new small car, an experienced oddsmaker would take the following into account: European roads are already jammed with minicars of a dozen different makes, sales of small foreign cars in the U.S. are slipping, and sales of U.S.-made subcompacts are declining steadily, while the rest of the auto industry enjoys a boom. So to put it mildly, the decision by Ford Motor Co. to drive into the transatlantic market with the smallest car it has ever made, the Fiesta, is a big gamble. The car is already...
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