Page B10, August 8, 1979 - North Shore News
PIAAIAAAIAAAAAAAAAAA AAA.

- ‘UNDER NEW MAN AGEMENT

" _MOHAWK NORTH SHORE

MARINE SERVICE
1705 MARINE DR. NORTH VANCOUVER

. 985- 5811

EXCELLENT SERVICE-REPAIRS
Rich Schwab : Rick Porta

eNO

1910 MARINE DRIVE -

a Because of huge | losses

There are strong. in-
dications the government is
preparing some form of ai

“DETROIT (UPI) —-
' Squeezed by regulations and
a failing: big car market,

: Htowing °

its record losses and The No. 3: automaker
cogunting on the government exceeded the most
to tielp it regain financial pessimistic forecasts

health. Tuesday by. turning in a loss

APPOINTMENT NECESSARY
@ SERVICE WHILE YOU WAIT
@ FREE ESTIMATES

TELEPHONE 986-3461

NORTH VANCOUVER, B.C.

- with $340

> Pederation.. of ..Agsiault 4
he PNE and families. .
. ane ‘be welcar with » a.

of $207.1 millien in the
second quarter of this_year,

1978 and its worst quarterly

showing in history.

At a news conference,
Chrysler. Chairman John
Riccardo said the company -
has been lobbying hard in
Washington for $1 billion in
tax relief and a two-year
delay in meeting costly 1980
exhaust emission standards. |

He said Chrysler ‘is
“working on the assumption”
the government will come
through with some sort of
help.

et ttt

President Lee A. Tacocca

. Said the firm is continuin ng its

multibillion-dollar_ retooling
plans to meet safety, en-
vironmental and_ fuel.
economy standards and to
produce in 1981 a small,
fuel-efficient, front-wheel
drive car it hopes will restore
it to a profitable position.

“We're in a tough period,
but we intend to make it,”
Riccardo said.

He said it costs Chrysler

_$620 per car to retool to

meet those rules, compared
for . General
Motors Corp., which, he
Said, can spread costs over
its larger production.

‘Its small car lines are
selling well, but production
is restricted because of-_

-limited supplies of engines

for them.

The result is 20,000 laid-
off employees and a $700
fnillion factory inventory of
unsold vehicles, most of
them big cars, vehicles
equipped with V-8 engines,
and light trucks and
recreation vehicles - all ata

time when traditional
retooling.

costs—have

Chrysler is seeking $1
billion in accelerated tax
relief for 1979 and 1980,
which Riccardo said the firm
would repay in the: future.
That and any delay in 1980 -
auto emission standards.
would require special acts of
Congress.

He rejected the suggestion
by United Auto Workers
Union . President ~ Douglas
Fraser that the government .
make massive, direct in-
vestments in Chrysler, but
said he was pleased the ~
union and management
appear to agree om the root_.
causes of Chrysler's troubles
- regulations and the
economy.

In - Washington, -the
Department of Treasury said
it is reviewing Chrysler’s

financial position and_ will

forward its findings to ad-
ministration officials
responsible for ruling on the

- company’s request for aid.

“The
ment..

Treasury

Depart-
has

monitored

’ Chrysler's financial situation

in the past several months, *
and is concerned about its
possible impact onthe
overall economy and on the
employees of Chrysler and
its suppliers,” a department
statement said.

Chrysler reported sales of
$3.2 billion in the second
quarter, down $13.6 percent
from a year ago. .

The firm's losses so far this
year now stand at $260.9
million, compared with
$204.6 million last year.

Wine garden at PNE

A Wine Garden in the
Country Fair section where
visitors will be able to sip
B.C. produced wines and
enjoy a variety of B.C. food
plates.

The Wine Council of
British Columbia is
presenting the Wine Garden
in cooperation with the B.

=

of
and

tempting variety
dairy products

B.C.
fruit

juices menued especially for
the children.

~ CLEAN INSIDE Tod"

Datsun,Toyota,Mazda & Honda
“Quality Service Assured’

‘_ fig gt
IKE NAKAYAMA

986-5122

1189 West 16th St.
N. Vancouver

(one block south
of Marine Drive)
Just off Pemberton

BCAA APPROVED

Japanese Auto Specialists

1.B. AUTO SERVICE LTD.