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A brief history of the DeLorean-DMC 12.
Learn about the wild story behind one of the most recognizable cars of all time and the man behind the dream, John Z. DeLorean. Watch the full episode of Michael Borthwick's 1993 DeLorean DMC-12 on Auto Aficionado here: • Auto Aficionado - 1983...
Produced by N5 Pictures
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Transcript:
John Zachary DeLorean was an automobile engineer, executive, and inventor. He was the youngest division head in General Motors history before starting the DeLorean Motor Company in 1973.
Through his career he managed the development of several historic cars such as the Pontiac GTO, Firebird, and Grand Prix.
The DeLorean that we all know began life as a prototype in the mid 70s which was then called the DeLorean Safety Vehicle. It was powered by the "PRV" V6 engine developed by Peugeot, (peuh-joh)
Renault , and Volvo.
Production delays meant the DeLorean did not reach consumers until January 1981 and in the mean time, the new car market had tanked due to the US economic recession.
When they eventually did get their hands on the car, both critics and the public complained that the price was too high and the horsepower too low compared with other sport coupes on the market.
After one year, the DeLorean had failed to recoup its $175 million investment costs. More than half of the cars that were produced remained unsold, and the company was in financial trouble.
To make matters worse, in October 1982, John DeLorean was charged with drug trafficking after an FBI informant solicited him as financier in a scheme to sell $24 million worth of cocaine.
But DeLorean was able to successfully defend himself under the 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.
In 1999, the creator of perhaps one of the most famous movie cars of all time, declared personal bankruptcy after fighting some 40 legal cases following the collapse of DeLorean Motor Company.
He was forced to sell his 434-acre estate in Bedminster in 2000. It was bought by Donald Trump who converted it to a golf course.