Europe is an automaker's dream. It has 300 million increasingly affluent people, but only one in 15 owns a car (v. one in three in the U.S.), leaving a tremendous potential for growth. European automakers will produce 7,000,000 cars this year, expect to overtake U.S. production by 1970. But there is a hitch: Europe has more than 50 auto manufacturers, and no market is big enough to support so many. Everyone expects a round of mergers, alliances and dropouts.
Last week France's sixth ranking auto company, Facel-Vega, went out of business. Meanwhile, the two...
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