Car industry booming

Press, 2 August 1977, Page 25

Car industry booming

NZPA Detroit ' The Ford Motor Company, ; Ltd. recorded the highest Ithree-month profit in the company’s history—SUSs3o.4M, i a 20 per cent improvement I i in net earnings over the sec- i lond quarter of last year. I Chrysler Corporation said. I its net profits declined 33' per cent to SUSIO3.BM after la record showing last year. • Dollar sales rose 7 per cent Ito a record 54400 M. | Ford was the second I United Stales automaker in •as many days to report allItime high quarterly earnings. ' General Motors Corpora- [ tion also had a 21 per cent learnings gain to SIIOOM. The strong gains by Ford land GM. the world’s largest: I automaketa, reflected a I strong new-car market in the] I United States —particularly; i for high-profit full-size and mid-size cars—during the period from February to ' Mav. Chrysler, however, is concentrated more in the smallicar market, which has not been as strong this year. As a result, rhe firm’s I United States car sales this I year are down about 8 per cent from a year ago. Net earnings would have dei dined even without local I strikes. Israeli £ devalued The Israeli pound has been devalued by 1.9 per cent in the third mini-devaluation in; July, bringing the value of the Israeli pound to £10.17 ini I comparison with a basket of • international currencies, —• INZPA-Reuter.

Farmers buys co. The New Zealand Fanners’ Co-operative Association of Canterbury, Ltd, have purchased all the shares in Terry Motors, Ltd. Blenheim, which holds the General Motors franchise for Marlborough. ' The franchise includes the full range of Holden, Vauxhall and Isuzu Gemini cars, and Bedford and Isuzu trucks. The business will continue to be i known as Terry Motors, Ltd, and all staff Will be retained.