Comebacks never used to seem this hard. Since its inception, automotive has been a cyclical industry: One year you’re setting sales records and piling up cash hand over fist, the next year you’re in line at the soup kitchen. This endless rotation of what goes up comes down – and then bounces back again –seemed to ensure the eventual rescue of any struggling car maker. Of course, none of the industry’s past comebacks came without a lot of good planning or the pain of plant closings and ...

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