Mazda Scraps Vehicles
Dec 15th 2006Nik AgarwalCars
In late July of 2006, the cargo vessel Cougar Ace nearly capsized off the coast of the Aleutian Islands in Alaska. On board the vessel were 4,703 Mazda vehicles, mostly the Mazda3 and the CX-7 cross-over. Initially, Mazda officials announced that they were going to sell the vehicles as used cars at discount with full disclosure. However, Jim O’Sullivan, Mazda North America President and CEO, announced that Mazda will be scrapping all 4,703 vehicles. I’m assuming Mazda will be taking a financial hit of US$100 million, but isn’t that what insurance is for?
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