U.S. automakers, whose sales have a prime effect on the U.S. economy, last week lowered their targets. Chrysler President Lester Lum ("Tex") Colbert, who only a few months ago was the soul of confidence as he predicted a 6,000,000-plus year for autos in 1958, told a Harvard Business School audience that the entire auto industry is in for a poorer year than he expected—though still a good one. "We know that the people have the jobs and that their savings-bank accounts are at a high level," said Colbert, "but the consumer has lost the desire to buy."
American Motors President...
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