Sports car manufacturer founded by John
DeLorean in 1973, who was able to persuade the British
government to invest more than $140 million
in the venture in hopes of stimulating the economy
in Belfast. American investors put up another
$31 million, among them entertainers Johnny
Carson who contributed $500,000, and Sammy Davis
Jr., who coughed up $150,000. The rear-engine,
gull-winged, stainless-steel car that emerged
in 1981 was well received at first and developed
a cult following which helped propel it into
the "Back to the Future" films...,
but the $25,000 price tag was a good bit higher
at the time than that of the principal competition-GM's
Corvette.
Unsold DeLoreans began piling up at
dealerships. The factory only produced about
8,900 cars in three years, and many of those
went unsold. Short of cash, DeLorean asked the
British government for another $30 million,
but PM Margaret Thatcher turned him down. In
February, 1982, the British government declared
the DeLorean Motor Co. insolvent and appointed
a receiver to take over the firm. |