Member Article

A potted history of the delorean car company!

A potted history of the delorean car company!

• The story began in April 1973, when John Zachary DeLorean unexpectedly resigned from his role as General Motors’ vice president of car and truck production. It was a shock move, considering he was tipped for the top of GM
• The company was founded in 1975 in Detroit
• It was built to provide jobs and prosperity in divided northern Ireland
• To do this he went to the british government asking for £77 million of the taxpayers money
• The Delorean DMC-12 commonly referred to as ‘the delorean’ as this was the only model the company built
• Approx 9,000 were built and nearly all were sold 6,500 are still alive
• The lack of demand, cost overruns, and unfavorable exchange rates began to take their toll on DMC’s cash flow in late 1981
• In the end, sufficient funds could not be raised to keep the company alive
• To try and keep the company alive he went to the british government for another £10 million in the end he only got £5 million!
• The DeLorean Motor Company went bankrupt in late 1982 following John DeLorean’s arrest in October of that year on drug trafficking charges
• On the market you should be able to pick one up for about $20,000

This was posted in Bdaily's Members' News section by Hugh Waddell .