“It was only a statistic, a number in an industry that churned out reams of facts and figures. But when Toyota announced on April 24 that it had sold 2.35 million automobiles around the world in the first quarter of 2007, the auto industry knew something monumental had finally happened. General Motors had sold almost as many vehicles, 2.26 million, but still came up short. For the first time in more than seventy years, GM wasn’t number one anymore. Detroit’s pride was hurt. But more important, Toyota’s results proved that it had gained the upper hand and taken the high ground. It was growing while the Big Three were declining; it was winning customers whom Detroit was losing. While the American carmakers were posting huge losses, Toyota earned a record $13.6 billion in its latest fiscal year. That meant more cash to fund new products, build new factories, and develop new technology. Toyota was rich and getting richer. And Detroit hit the wall.”
— Bill Vlasic, Once Upon a Car (2011, p. 212)
RE:SOURCES
- Vlasic, Bill; 2011. Once Upon a Car: The Fall and Resurrection of America’s Big Three Automakers — GM, Ford and Chrysler. William Morrow, New York, NY: p. 212.
Also see ‘Brock Yates brilliantly analyzed fall of U.S. auto industry’
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