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DeLorean Motor Company
Main article: DeLorean Motor Company
DeLorean DMC-12
DeLorean left General Motors in 1973 to form his own company, the DeLorean Motor Company. A two-seater sports car prototype was shown in the mid-1970s called the DeLorean Safety Vehicle (DSV), with its bodyshell designed by Italdesign's Giorgetto Giugiaro. The car entered into production as the DeLorean DMC-12, but known simply as the DeLorean. The car's body distinctively used stainless steel and featured gull-wing doors. It was powered by the "Douvrin" V6 engine developed by Peugeot, Renault, and Volvo (known as the PRV).[citation needed]
The manufacturing plant to build the new car was built in Dunmurry, Northern Ireland, with substantial financial incentives from the Northern Ireland Development Agency of around £100 million. Renault was contracted to build the factory, which employed over 2000 workers at its peak production. The engine was made by Renault, while Lotus designed the chassis and bodywork details. The Dunmurry factory would eventually turn out around 9,000 cars[23] during 21 months of operation.[citation needed]
Production delays meant the DMC-12 did not reach the consumer market until January 1981 (nearly a decade after the company was founded), and in the interim the new car market had slumped considerably due to the 1980 US economic recession. This was compounded by unexpectedly lukewarm reviews from critics and the public, who generally felt the uniqueness of the DMC-12's styling did not compensate for the higher price and lower horsepower relative to other sport coupes on the market. While interest in the DMC-12 quickly dwindled, competing models with lower price tags and more powerful engines (such as the Chevrolet Corvette) sold in record numbers during 1980-81 in spite of the ongoing recession. By February 1982, more than half of the roughly 7,000 DMC-12s produced remained unsold, DMC was US$175 million in debt, and the Dunmurry factory was placed in receivership.[2]
After going into receivership in February 1982, DMC produced another 2,000 cars until John DeLorean's arrest in late October, at which point liquidation proceedings were undertaken and the factory was seized by the British government for good.[citation needed]
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