without the volume there is no way they could make enough profit to develop new models and stay in business.
As Tim's post shows, prior to 50, Packard outsold Cadillac. How did Cadillac have the money to develop the V8 and new styling? It wasn't from Caddy having state of the art, efficient, plants. Here are some photos, #4 being the Hudson body plant that Caddy bought in 56. Caddy's facilities were just as obsolete as EGB, yet they used these 1920s vintage plants into the 80s.
My hunch is GM was subsidizing Cadillac as a halo model. If that is the case, Packard could never have invested in product and facilities, priced competitively and made a profit.
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