John DeLorean - Wikipedia article
Channel: AI reader
Date: 31/05/2021

Video summary:
John Zachary DeLorean (January 6, 1925 – March 19, 2005) was an American engineer, inventor, and executive in the U.S. automobile industry, widely known for his work at General Motors and as founder of the DeLorean Motor Company.DeLorean managed the development of a number of vehicles throughout his career, including the Pontiac GTO muscle car, the Pontiac Firebird, Pontiac Grand Prix, Chevrolet Cosworth Vega, and the DMC DeLorean sports car, which was featured in the 1985 film Back to the Future. He was the youngest division head in General Motors history, then left to start the DeLorean Motor Company (DMC) in 1973. Production delays meant that DMC's first car did not reach the consumer market until 1981, when a depressed buying market was compounded by lukewarm reviews from critics and the public. After a year, the DeLorean had failed to recoup its $175 million investment costs, unsold cars accumulated, and the company was in financial trouble.In October 1982, DeLorean was charged with cocaine trafficking after FBI informant James Hoffman solicited him as financier in a scheme to sell 55 lb (25 kg) of cocaine worth approximately $24 million. DMC was insolvent at the time and in debt for $17 million. Hoffman had approached DeLorean, a man whom he barely knew with no prior criminal record, and DeLorean was able to successfully defend himself at trial under the procedural defense of police entrapment. The trial ended in a not guilty verdict in August 1984, by which time DMC had declared bankruptcy and ended operations.
Article: https://en.wikipedia.org/wiki/John_DeLorean

About us:
The AI reader Busines channel helps you learn about Busines. We use Wikipedia articles one of the most reliable sources on the internet. Learn while driving, while at the office, or while relaxing at home. Just turn on our channel and learn about all sorts of historic events and people.

License: CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0/)