For the millions of Americans contentedly motoring around each day in their slick, well-engineered BMWs, it may come as a surprise that the proud Bavarian carmaker's latest attempt to conquer the world ended this spring with both a bang and a whimper. Once the company had admitted defeat, in March, on its disastrous acquisition of the Rover Group, 80,000 British workers rioted in the streets, beating a 3-Series with sledgehammers and staging a demolition derby with old BMW sedans (local police handled the crowd on foot, fearing that their BMW motorcycles would also get clobbered).
Then last month, BMW finally unloaded Rover to the hastily assembled Phoenix Consortium, for the pathetic sum of ten pounds sterling. How could an acquisition that had been BMW's hope for the future become, in six short years, literally worthless?