NEW YORK TIMES
INTERNATIONAL BRIEFS: Bulgarian Official Says Car Wasn’t Competitive
Published: Tuesday, April 9, 1996
Bulgaria’s sole car maker, Rodacar, decided to close because its Rover Maestro cars were not competitive and its marketing strategy was faulty, Deputy Prime Minister Roumen Gechev said yesterday. Rodacar announced on Thursday that it would shut its factory in Varna, citing high excise duty on imported diesel engines and a lack of government support. Rodacar had sold just 200 of the 2,100 vehicles it has produced.
The company was started in March 1995 by Rover Group Ltd., a subsidiary of the German auto maker BMW. Rover held a 51 percent stake and the Daru Group of Bulgaria owned the rest. (Reuters)