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Iacocca: An Autobiography - Chapters 16-17 Summary & Analysis

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Iacocca had his management team, but Chrysler's problems continued. The crisis in Iran began on January 16, 1979, when the Shah left the country. This led to a doubling of the price of gas and the beginning of the energy crisis. Many Chrysler cars were gas guzzlers. At this time, small cars were not selling well, but all of this changed overnight.

Chrysler would have to invest in new plant and products over the next five years to survive. As they began, the economy entered a serious recession. The company had to take drastic measures. They closed some plants and cut costs any way they could and implemented a just-in-time parts system. Chrysler sold its dealer real estate because they needed cash. They sold other operations for cash so that their suppliers would continue to supply them. Thousands of workers were laid off.

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