December 4th, 2008 at 12:13pm
Listen to this story:
Back in 1980, when gas prices soared and the automotive market collapsed, the Big Three were bleeding red ink. Chrysler had to be rescued by the government and it was GM and Ford’s overseas operations that helped them get through the tough times.
But as it always has, the market came back again. In 1982 car sales had fallen to only 10.5 million units. But by 1986, only four years later, they surged by almost 6 million units to an all time record.
It’s worth remembering what happened at Ford. In 1980, 81 and 82, the company lost record amounts of money. But in 1986, only four years later, it went on to record all-time record profits. The point is, we’ve gotten through horrible times in the past, and we’ll get through it this time as well.