The Decline of the U.S. Automobile Industry in the 1980’s
On October 26, 1992, Robert C. Stempel resigned as chairman and CEO of the General Motors Corporation
To counter massive financial losses and plummeting market share, Stempel had announced 10 months earlier that GM would have to close 21 of its North American plants and cut 74 000 of its 370 000 employees over three years.
Stempel was replaced by a more youthful Jack Smith.
GM’s plight reflected the depths of the decline of the once vigorous American automobile industry in the late 1980’s.
As Americans came to view American made-cars as low in quality or not stylish, car buyers purchased mainly Japanese cars instead.