Sports car manufacturer founded by John DeLorean
, who was able to persuade the British government to invest more than $140 million in the venture in hopes of stimulating the economy in Belfast. American investors put up another $31 million, among them entertainers Johnny Carson who contributed $500,000, and Sammy Davis Jr., who coughed up $150,000. The rear-engine, gull-winged, stainless-steel car that emerged in 1981
was well received at first and developed a cult following which helped propel it into the "Back to the Future" films..., but the $25,000 price tag was a good bit higher at the time than that of the principal competition - GM's Corvette
Unsold DeLoreans began piling up at dealerships. The factory only produced about 8,900 cars in three years, and many of those went unsold. Short of cash, DeLorean asked the British government for another $30 million, but PM Margaret Thatcher turned him down. In February, 1982
, the British government declared the DeLorean Motor Co. insolvent and appointed a receiver to take over the firm.
Also see: John Zachary DeLorean