However, there were serious problems. The costs of developing the new cars and engines meant managers now had problems in securing working capital to keep the company going. American Motors' automobile sales dropped twenty percent in the first half of 1966, and the firm reported a fiscal six-month loss of $4.2 million on sales of $479 million. The situation was so bad that Robert B. Evans invested more than US$2 million because AMC's stock was selling for only 60 percent of the company's net worth; thus he became its largest stockholder and was named its chairman.