Sunday, January 22, 2012

Detroit's Big Three Drive Out of the Red and Into the Black

The Motor City has always be a boom or bust town. Ford, General Motors, and Chrysler are in their second year of profits and the future looks promising. When long time sales leader -Toyota - received bad press world-wide over a braking issue a few years ago, it damaged the company's reputation for reliability and customer loyalty as the world's best made car.

Along with Nissan, Kia, and Hyundai, The Big Three took advantage of Toyota's stumble and wrestled away a significant portion of their business. This wouldn't have been possible for GM or Chrysler without the government bailout which positioned them to reclaim some of the auto market from foreign competitors.

Ford was able to avoid a bailout because of an extensive European market which gave them a leg up over their rivals, and GM got on the ground floor in the Republic of China - with the Buick being the most popular car there. This helped GM repay their government loan.

The modern styling, fit and finish, and reliable state-of-the art technology of domestic cars have paved the way for this comeback - and not a second too soon for Detroit - as the domestic automakers continue to turn the corner in the consumer's mind. For more information, click on the following link.

The Big Three's dramatic U-turn - "Sunday Morning" - CBS News