5 Auto Brands & Companies that almost failed!
You know how the saying goes, “with failure, comes success”. This, you could apply on these companies and car brands that almost failed but did not! As a matter of fact, it succeeded more than expected.
At one point in time, Elon Musk was trying his best to save 2 companies that were on the brink of bankruptcy. Both Tesla & SpaceX were on financial crisis. Initially, all of the money came personally from his pocket as he refused to take money from investors. However, he hit rock bottom and is in dire need of cash. The company was struggling to stay afloat for few years and today, look where it stands! As for SpaceX, he applied with NASA for a contract as its last hope; it won.
In the beginning of 2002, Mercedes was trying to compete with Rolls Royce and Bentley. However, it crashed. Many view Maybach as a “ferry” vehicle for Middle East Oil sheiks and had failed to differentiate from its “Mercedes” brand. It was announced later in year 2011, that Maybach will end production. However, the brand made a comeback in year 2014 and the name adorned the Mercedes S-Class luxury sedan. The Maybach gained popularity especially to China buyers. Mercedes sales, in contrast, were up by 20% on the same period of one year before. Today, Maybach is well-known for its high-end luxury status car.
It was first known as UberCab when the ideation arrived in early 2009. Within a few short months of its arrival, UberCab received its first cease-and-desist letter which caused the company to change its name to Uber. According to the site https://foundr.com, Uber has also encountered many other issues; a wrongful death lawsuit, a class-action, Uber operating illegally, allegations of sabotage, accusations of sexism, privacy complaints and safety issues. While the list still continues, Uber is still going strong. At the end of the day, many consumers love using Uber and that alone, is enough to make investors throw money at Uber, which will eventually turn all issues around; one by one.
Proton had faced several financial and sustainability issues over the past few years. However, despite the issues, the Prime Minister Datuk Seri Najib Tun Razak claimed that Proton is too big to fail. The government will ensure the continued survival of the national carmaker, Proton. In 2017, Geely Holdings Group of China have inked an agreement to acquire 49.9% stake in the national car manufacturer. The popular “Boyue” is expected to be used as a base for Proton’s first-ever SUV model.
For years, Mini Cooper has always been the “Small & Compact” car that people will not spend big bucks on. In the United States, the car is just a basic transportation. By that standard, it was destined for failure. Despite all of that, Mini Cooper today has become a global sales success.