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NEWS ABOUT: Chrysler

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Obama Swaps Car Czar Plan With Panel

Economic advisers, union mediator will aid decisions: official

(Newser) - The Obama administration has ditched the "car czar" idea, and is divvying up the task of reviving Detroit among a panel of top economic advisers instead, an official tells the New York Times. The Treasury secretary and National Economic Council chair will oversee the presidential panel of experts, many... More »

GM Talks Die, Chrysler's Stall as Deadline Looms

(Newser) - The UAW broke off crucial talks with GM today, only 3 days before the beleaguered company is scheduled to submit restructuring plans to Washington, Reuters reports. At issue were retiree healthcare costs that executives want to replace partly with shares in a recapitalized GM. "It doesn't seem like the... More »

GM: Give Us More Money or We'll Go Bankrupt

GM, Chrysler working to prepare turnaround plans before Tuesday deadline

(Newser) - General Motors will put Congress between a rock and a hard place when it presents its turnaround plan next week, reports the Wall Street Journal. Insiders say the automaker will ask for at least another $5 billion in loans on top of the $13.4 billion already received to keep... More »

Chrysler, Merrill CEOs Passed Houses to Wives, Too

Fuld not the only one hiding assets

(Newser) - Dick Fuld’s wife isn’t the only one getting a discount mansion. Chrysler CEO Robert Nardelli and ex-Merrill Lynch honcho Stanley O’Neal have followed Fuld’s lead, handing their multimillion-dollar homes to their spouses, according to property records obtained by the New York Post. Such deed transfers are... More »

With Car Czar Delayed, Automakers Spin Wheels

GM and Chrysler find no one behind the wheel of auto restructuring

(Newser) - Amid the federal appointment frenzy, the lack of a "car czar" has received little attention, but the vacancy is holding up automakers trying to meet restructuring deadlines included in their $17.4 billion federal loan, the Wall Street Journal reports. The loans require General Motors and Chrysler to submit... More »

Just What Is an 'American' Car?

As automakers expand globally, just what helps US economy most?

(Newser) - Lawmakers hoping to give a boost to the American economy by investing in the auto industry might get as much bang for their buck by sinking money into Honda or Toyota as they would Ford, Chrysler, or General Motors, the Wall Street Journal notes. The auto industry has become too... More »

Chrysler Needs $3B From Feds to Lock Deal With Fiat

The automakers have agreed to an alliance, but only if Chrysler gets another loan

(Newser) - Chrysler and Fiat have agreed to a deal that would give the Italian automaker a 35% stake in the US company, but there’s a hitch: it doesn't become final unless Chrysler bags another $3 billion from the federal government, reports the Wall Street Journal. The partnership will give Chrysler... More »

Fiat to Take 35% Stake in Chrysler, Enter US Market

No-cash deal offers platform sharing and markets to Fiat, a lifeline to Chrysler

(Newser) - Fiat arranged a no-cash deal with Chrysler today that could put the Italian automaker behind the wheel of Chrysler’s operations, the Wall Street Journal reports. Fiat will take a 35% stake in Chrysler with an option for 20% more. Fiat will receive a foothold in the US market, retooling... More »

Fiat, Chrysler Talk Partnership

Deal could allow US firm quick access to small-car parts

(Newser) - Chrysler is in talks with Fiat to form a partnership that could boost the troubled automaker, Automotive News reports. In the deal, Fiat may offer Chrysler access to its platforms, engines, and transmissions for smaller cars, enabling Chrysler to quickly put out a new line of front-wheel-drive, low-emissions vehicles. Fiat... More »

Chrysler's Loan Arm Gets $1.5B Federal Loan

Attempt to unfreeze auto-loan market is on top of $17B coming to Detroit from TARP

(Newser) - The Treasury Department will lend Chrysler’s financing arm $1.5 billion to encourage the struggling auto-loan market, the Washington Post reports today. The 5-year loan comes at an interest rate of about 1.36%, and carries limits on executive compensation: Chrysler Financial will have to cut its bonus pool... More »

For Sale: Obama's Old Car; Price: $1M

Previous bidding reached $125,000 before seller canceled auction

(Newser) - As Barack Obama upgrades to a customized Cadillac limo fit for a president, the 2005 Chrysler 300C he once drove around Illinois is up for sale on eBay. Bidding starts at $100,000, but eager fans can fork out $1 million to buy it immediately, Time reports. The seller bought... More »

Flashy Fare at Detroit Auto Show

Ogle the new beauties here

(Newser) - These may be dire times for the auto industry, but that hasn’t stopped it from putting on a show. Plenty of concept cars are taking their bows at the 2009 North American International Auto Show in Detroit, the Wall Street Journal notes; sort through some highlights in the slide... More »

Chrysler Eyes Electric Rollout in 2010

Automaker will highlight 4 concepts at the Detroit auto show

(Newser) - Struggling Chrysler is underscoring its green-friendly efforts just ahead of the Detroit auto show, reports the Detroit News, promising to have an electric car in production by 2010. Though a rep said he was “not allowed to” reveal any information about the model, the automaker will reveal a battery-powered... More »

Companies Fly to Unload Private Planes

Putting jets on block may be more about image than money

(Newser) - The business-jet industry couldn’t have asked for worse PR than members of Congress ripping auto executives for traveling by company plane to beg for taxpayer money. By the time the Big Three execs returned—by hybrid car—to Washington, the corporate jet was a symbol of bloated corporate excess,... More »

GMAC Grabs $6B Federal Lifeline

Government uses bailout funds used to buy stake in auto finance giant

(Newser) - The federal government is dishing out a $6 billion bailout to keep auto financing giant GMAC afloat, the New York Times reports. The Treasury Department will spend $5 billion to buy a stake in the former General Motors subsidiary, and will loan GM a further billion so the company can... More »

GM Finance Arm Converts, Will Tap Bailout

Fed approves GMAC's request to become bank-holding company

(Newser) - The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen credit and complement the $17.... More »

Ford Scores PR Cred by Declining Bailout Cash

By not begging to feds, but supporting Detroit mates, company well positioned

(Newser) - Ford’s decision not to take any of the $17.4 billion in bailout cash granted General Motors and Chrysler is paying the company public-relations dividends that could translate into cash in its showrooms when the economy recovers, Advertising Age reports. It was also a good move, analysts say, to... More »

This Ain't Charity: Detroit Must Win Consumers Back

Americans will get back on board if auto giants prove they can make good cars again

(Newser) - With a $17.4 billion bailout in hand, Detroit must now turn toward restructuring and making the cars America needs, Mark Phelan writes in the Detroit Free Press. “To win back American buyers’ respect,” Phelan continues, “the automakers must show the aid package was a sound investment,... More »

White House Gives Automakers $17.4B Bailout

(Newser) - President Bush rolled out a $17.4 billion emergency loan package for US automakers today, promising $13.4 billion in immediate short-term loans from the remaining TARP funds and an additional $4 billion available in February, MSNBC reports. But the clock is ticking, as the companies must show they are... More »

GM, Chrysler May Win Loan Deal as Soon as Today

Talks on Thursday brought automakers nearer to bailout, sources say

(Newser) - In a round of talks running into the night, GM and Chrysler made headway in securing emergency loans from the federal government yesterday, Reuters reports; the package, expected as soon as this morning, would demand wholesale restructuring of the automakers, including more concessions from unions and creditors. The talks continued... More »

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