CBS Evening News for Friday, Apr 26, 1974
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(Studio) General Motors earnings for 1st quarter drop 85%. For. auto makers also suffered during energy crisis.
REPORTER: Walter Cronkite
(Wollstrug, West Germany) 1974 worst year in VW history. Days of cheap labor over; production costs rise; Volkswagen isn't such a low-price car anymore. [VW spokesperson Rudi MALETZ - reports 45,000 workers laid off.] Energy crisis created more competition for VW in American [Vice President Volkswagen of American Arthur RAILTON - realizes sales to be harder because competition tougher.]
REPORTER: John Sheahan
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