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NEWS ABOUT: Chrysler

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UAW Targets GM on Contract

Car giant chosen as lead company in crucial talks

(Newser) - The United Auto Workers have chosen General Motors to be the lead company in negotiations on contracts set to expire tonight, adding pressure to strike a deal the UAW will then try to impose on Ford and Chrysler. The union chose GM because it's in the best financial shape of... More »

Chrysler Pilfers Toyota's Top US Executive

Firm's highest-ranking non-Japanese ever jumps ship

(Newser) - Toyota North America's president will become the new co-president and vice chairman of Chrysler, the Detroit Free Press reports. Jim Press, the highest-ranking non-Japanese exec in Toyota's history, brings a reputation as a talented manager to Chrysler, which is in the process of transforming into a private company after being... More »

GM Scores With Crossovers

New models steering customers back onto American lots in droves

(Newser) - In its fierce battle with Asian automakers to reclaim the hearts and keys of American drivers, GM has three reasons to celebrate: the Buick Enclave, GMC Acadia, and Saturn Outlook. The company’s crossover vehicles combine the look of an SUV with the higher fuel economy of a sedan—and... More »

Life Without Chrysler Suits Daimler Fine

German automaker predicts 10% profit margins by 2010

(Newser) - Rid of the Chrysler albatross since its May sale, German automaker DaimlerChrysler says its profits are taking off, Business Week reports. CEO Dieter Zetsche said yesterday the company—which aims to strip "Chrysler" from its name this fall—is likely to beat his estimates of 7% profit this year,... More »

Where is Stephen Feinberg Taking Chrysler?

Onlookers worry what Steven Feinberg is up to with Chrysler

(Newser) - Portfolio does its best to profile Stephen Feinberg—the ultra-secretive, ultra-cutthroat CEO of Cerberus Capital Management—without talking to him. Feinberg avoids the media like the plague, preferring to bring faltering companies into the black in secret, and his shadowy plans for new stepchild Chrysler are no exception. More »

In Nardelli, Chrysler Found Its Maverick

Cerberus relying on tough-talking new CEO to cut costs

(Newser) - Former Home Depot chief Bob Nardelli has a reputation for being a brusque, hard-edged maverick, and that’s exactly what his new bosses at Chrysler want, Reuters reports. Cerberus Capital Management hopes to stem losses at the automaker by cutting costs, particularly in the delicate area of unionized workers. Nardelli’... More »

Ex Home Depot Chief Takes Chrysler Wheel

Nardelli tapped as CEO in takeover shake-up

(Newser) - In a major shake up, Chrysler 's chief executive will be replaced by former Home Depot boss Bob Nardelli, the Wall Street Journal reports. An auto official called Nardelli a "real change agent" in an industry rocked by foreign competition. Nardelli is the second auto-industry neophyte to be named... More »

Foreign Cars Outsell Detroit

Foreign cars outsell American vehicles for first time ever

(Newser) - Foreign car makers, predominantly the Japanese, sped past their sputtering domestic competitors in July, outselling Detroit  for the first time in history. In their worst month in more than 2 years, the Big 3's July market share was just 48.1%, the Detroit News reports, down 185,000 cars from... More »

Banks Put Hold on Chrysler Debt Sale

Global woes beset buyout sector; Daimler deal not affected

(Newser) - Banks yesterday postponed the sale of $12 billion of debt intended to finance the deal that will split off Chrysler from parent DaimlerChrysler. The Journal reports that the holdup is part of a global pinch on the market for corporate debt, and escalating borrowing costs have the potential to slow... More »

Chrysler Plunges Into China Trade

US auto giant plans to use tiny imports to battle Japanese manufacturers

(Newser) - In a cost-cutting move, Chrysler will introduce cars produced by China's biggest automaker to the US market by late 2009. Chrysler and Chery staged a signing ceremony today in Beijing to allay fears about the American auto giant's new ownership not backing the deal, MarketWatch reports. The first vehicles will... More »

Detroit Resists MPG Rules

Face-off in Washington over tougher fuel economies

(Newser) - The Big Three car makers are trying to put the breaks on Congressional plans to toughen fuel economy standards to an average of 35 mpg over the next 15 years. The Wall Street Journal predicts a political struggle that will test how much clout Ford, Chrysler and GM still have... More »

Chrysler Sale Suggests New Deal for Detroit

Ford, GM see hope for restructuring labor costs

(Newser) - The sale of Chrysler to private-equity firm Cerberus Capital Management could be a watershed for the entire industry, the Wall Street Journal predicts. Cerberus thinks it can make the embattled carmaker profitable by restructuring its debilitating $18-billion health care and pension liability. If it succeeds without resorting to bankruptcy—which... More »

"Vulture Fund" Behind Chrysler Deal

(Newser) - Der Spiegel vivisects Cerberus, the private equity group that won Chrysler for a relative bargain today from German auto giant Daimler. Financier Stephen Feinberg's 15-year-old firm has $60 billion in assets, and specializes in companies on the brink of bankruptcy. The group avoids the spotlight, recruits former CEOs and politicians,... More »

Daimler to Unload Chrysler in $7.4B Deal

German firm keeps minority stake in American auto giant

(Newser) - DaimlerChrysler has sold a majority stake in the Chrysler Group to the American private-equity firm Cerberus for $7.4 billion, the auto giant announced today. The deal unhooks the money-losing American arm of the international conglomerate from its German partner, which will retain a 19.9% stake in Chrysler and... More »

Cerberus Close to Consuming Chrysler

Proving that three heads may be better than one

(Newser) - Private equity firm Cerberus Capital Management is said to have cut a deal to buy Chrysler from DaimlerChrysler.  Cerberus has lots of experience in negotiating for assets in the auto industry, having led the buyout of auto parts maker Delphi, which has not yet closed and may yet fall... More »

Russian Billionaire's Plans May Hold Up Chrysler Purchase

(Newser) - A Russian billionaire with possible mob ties plans to buy a major stake in the company that aims to purchase Chrysler. If aluminum magnate Oleg Deripaska  does buy the $1.54 billion stake in Magna International, the cash will come in handy for the Chrysler deal. But Oleg's shady past... More »

Kerkorian Offers $4.5 Billion For Chrysler

Dumped his shares last time around; now is ready with cash

(Newser) - Beverly Hills billionaire Kirk Kerkorian has offered to buy the Chrysler group for $4.5 billion. Kerkorian's investment company, Tracinda Corp., can pay cash for the ailing automotive giant, and is pitching an extra $100 mil for an exclusive two-month period to run due diligence. Tracinda told parent DaimlerChrysler it... More »

DaimlerChrysler Wants Divorce

Detroit legend's fate may be decided in a German boardroom -- but tk can't seem to get out of first gear

(Newser) - DaimlerChrysler is trying to unload its clunky Detroit half, its CEO (and occasional company mascot) Dieter Zetsche confirmed at a shareholder's meeting today. The news, which comes after nearly two months of eager speculation, was a relief to frustrated German shareholders, who have long seen Chrysler as a drag on... More »

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