Chrysler Execs Dodge Bailout Pay Caps

Marchionne takes $0 home despite repayment of bailout loans

(NEWSER) - Chrysler made a $225 million profit last year but its CEO didn't get a penny of it, a regulatory filing reveals. Sergio Marchionne, widely credited with turning around the company's fortunes after its bankruptcy in 2009, declined a salary and bonus for the second year in a row last year, reports Reuters . But he won't be going hungry: Marchionne is also CEO of Italian automaker Fiat, which paid him $4.5 million in 2010. More»

Revamped automaker will reintroduce Alfa Romeo to US

(NEWSER) - Now four months out of bankruptcy, Chrysler is set to unveil a new business plan that relies heavily on models from Fiat, its Italian partner, and abandons many American cars. The company will reintroduce the luxury Alfa Romeo to the US and also bring in a Mexican-built Fiat 500, the tiny vehicle ubiquitous in Europe. Several Dodge and Jeep models will be discontinued. More»

(NEWSER) - Chrysler is planning to produce a Fiat-branded subcompact car at a plant in Mexico, insiders tell the Wall Street Journal. The move may anger two key shareholders of the restructured automaker—the US government and the United Auto Workers. Workers at the Toluca, Mexico, plant are represented by a Mexican union, not the UAW. "There is going to be political fall-out on anything in this kind of environment related to jobs," says one analyst. More»

Sales actually up for 'original sport-utility vehicle' with WWII roots

(NEWSER) - With the Fiat-Chrysler alliance finalized, workers must get hopping to churn out more Jeep Wranglers, the military-vehicle-turned-adventure-ride that’s one of just three American cars whose sales are up this year. It’s “probably one of the main reasons why Chrysler is still here,” an auto analyst tells the Toledo Blade. And Chrysler has only a 30-day supply remaining. More»

Administration triumphs as bankruptcy effectively ends

(NEWSER) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may also provide a glimpse into the future of General Motors, also navigating bankruptcy. More»