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THURSDAY, NOVEMBER 26, 2009
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Chrysler

Started by H Needles; Last updated by D Lim

Chrysler

"You never really hear the truth from your subordinates until after 10 in the evening." -Jurgen Schrempp, Former CEO of DaimlerChrysler

Chrysler has been hit hard by higher fuel prices and a move in consumer demand away from sports utility vehicles and trucks to smaller, more fuel-efficient cars. The newly private company is planning to improve the content and lower the price on 12 of its vehicles as part of a new marketing campaign.

Stories

Stories 41 - 60 of 178

  • April 2009
    • Auto Workers Fear Deep Cuts in Pensions

      Auto Workers Fear Deep Cuts in Pensions

      (Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post . Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says one Chrysler worker. “They offered these incentives for us to take early retirement, and I took one. Now it looks like my fixed income wasn't so fixed.” More »

    • Fiat Begins Talks With GM While Courting Chrysler

      Fiat Begins Talks With GM While Courting Chrysler

      (Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin America, the Wall Street Journal reports. Fiat is simultaneously trying to buy a 20% stake in Chrysler, now teetering on the brink of bankruptcy. More »

    • Treasury Ups Offer to Chrysler Lenders

      Treasury Ups Offer to Chrysler Lenders

      (Newser) - The Treasury Department is offering banks holding Chrysler's debt a better deal in the latest round of the back-and-forth over the automaker's future, the Wall Street Journal reports. The counter offer—still way short of what the banks seek—proposes to give lenders 22% of the $6.9 billion Chrysler owes, plus a 5% stake in company. More »

    • Chrysler Execs Spurn $750M Fed Loan Over Pay Limits

      Chrysler Execs Spurn $750M Fed Loan Over Pay Limits

      (Newser) - Chrysler's financing arm has turned down a $750 million federal loan in order to skirt limits on executive pay, sources tell the Washington Post. Fearing that an earlier $1.5 billion loan was running out, the Treasury offered Chrysler Financial the extra credit about 2 weeks ago, attaching strict compensation limits. But 25 top executives refused to sign waivers regarding their own paychecks. More »

    • Bailed-Out Banks Don't Want to Bail Out Chrysler

      Bailed-Out Banks Don't Want to Bail Out Chrysler

      (Newser) - Auto task force Steven Rattner's request that four big banks write off their $7 billion debt to Chrysler in return for nothing met with a big no from dropped jaws, reports the Washington Post . JPMorgan Chase, Morgan Stanley, Citigroup, and Goldman Sachs are seeking a better deal, but critics argue that the banks rescued by the government should now help the government rescue Chrysler. More »

    • Models—Human and Auto— Take Bailout Flak at Car Show

      Models—Human and Auto— Take Bailout Flak at Car Show

      (Newser) - Crowds hostile about the state of America’s auto industry have made presenting at auto shows a much trickier job than it used to be, the New York Times reports. The eye-candy models at scaled-back exhibits from General Motors and Chrysler are fielding questions during the ongoing New York event about the bailout, bankruptcy, corporate governance, and even the role of gas-guzzlers in causing the Iraq war. More »

    • Feds Put the Squeeze on Auto Creditors

      Feds Put the Squeeze on Auto Creditors

      (Newser) - The government is pushing hard to wring billions of dollars in concessions from the creditors of General Motors and Chrysler, the Wall Street Journal reports. Insiders say Treasury has pushed GM to offer bondholders only stock in return for debt after it judged as too generous a deal involving stock, new debt, and some cash. More »

    • 'Car Bubble' Blows Up on Automakers

      'Car Bubble' Blows Up on Automakers

      (Newser) - The housing boom brought a car bubble along for the ride, and now that one has burst, so has the other, reports the Washington Post . Thousands of cars are sitting on lots and likely to stay there. “You had a huge number of cars being sold," says Steven Rattner, the head of President Obama’s auto industry team. “So I don't think it is prudent to assume the sale levels are going back to those levels.” More »

    • More Big Auto Sales Drops: GM Off 45%, Ford 41%

      More Big Auto Sales Drops: GM Off 45%, Ford 41%

      (Newser) - Automakers got hammered again last month, with Detroit’s Big Three all reporting big sales drops today. Ford’s light-vehicle numbers were down 41%, the AP reports; General Motors’ fell 44.7% and Chrysler’s 39.3%, the Wall Street Journal adds. Foreign manufacturers weren’t immune, either, with Toyota’s sales diving 39% and Volkswagen tumbling 19.7%. More »

  • March 2009
    • Chrysler, Fiat to Form 'Global Alliance'

      Chrysler, Fiat to Form 'Global Alliance'

      (Newser) - Chrysler and Fiat have agreed to form a “global alliance” just hours after President Obama exhorted the two automakers to partner, MSNBC reports. Obama had promised $6 billion in loans to help Chrysler link with Fiat, and set a 1-month deadline for doing so. "We are pleased that Chrysler, Fiat, and Cerberus have reached agreement on a global alliance, supported by the US Treasury," Chrysler said in a statement. More »

    • Dow Drops Nearly 300 on Auto Bailout News

      Dow Drops Nearly 300 on Auto Bailout News

      (Newser) - Stocks hit the brakes hard this morning, after the Obama administration’s auto task force panned GM and Chrysler’s proposed reconstruction plans. The Dow was down 298 points by late morning, while the S&P and Nasdaq had tumbled 59 and 31 points respectively. GM plummeted 25%, falling below $3. Financials, meanwhile, were falling, in response to huge selloffs overseas. The Nikkei fell 4.5%, the Hang Seng 4.8%, and the Sensex 4.9%. More »

    • Auto Team: Chrysler Needs Bankruptcy, Fiat Deal

      Auto Team: Chrysler Needs Bankruptcy, Fiat Deal

      (Newser) - Chrysler cannot become viable on its own, says the White House's auto task force, recommending “quick and surgical” bankruptcy restructuring and the proposed Fiat partnership as the automaker's best shot at survival. The administration will provide Chrysler 30 days’ more working capital to finalize a deal, but the federal lifeline will then cease, the Wall Street Journal reports. More »

    • US Ousts Wagoner at GM, Pushes Tougher Auto Overhaul

      US Ousts Wagoner at GM, Pushes Tougher Auto Overhaul

      (Newser) - The White House has forced out General Motors chief Rick Wagoner as part for a more aggressive restructuring of the beleaguered automaker than the company has proposed, the Wall Street Journal reports. The Treasury threatened to withhold billions in federal loans if the chairman and CEO refused to step down. The surprise move came a day before President Obama unveils a new $21.6 billion auto bailout plan today. COO Frederick "Fritz" Henderson will step in temporarily for Wagoner. More »

    • Obama to Give Automakers More Aid

      Obama to Give Automakers More Aid

      (Newser) - President Obama will likely approve billions of dollars more in loans to General Motors and Chrysler on Monday, but attach a deadline for union and bondholder concessions to help the automakers survive, insiders tell the New York Times . Obama's auto task force will also keep government-managed bankruptcy as an option for the two companies, which have almost blown through $17.4 billion in federal loans. More »

    • Chrysler Wants $1.5B More for Auto Loans

      Chrysler Wants $1.5B More for Auto Loans

      (Newser) - Chrysler, which has received $4 billion in federal money for its manufacturing operations and $1.5 billion for lending, wants another $1.5 billion for its loan arm, the Detroit Free Press reports. “We’ve gone to Treasury and said we need to re-up that amount,” Chrysler’s CEO told CNBC. The initial money boosted sales by allowing the company to offer 0% financing, said Bob Nardelli. More »

    • Obama Auto Team in Detroit Considering $22B More in Aid

      Obama Auto Team in Detroit Considering $22B More in Aid

      (Newser) - With the specter of bankruptcy looming over General Motors and Chrysler, President Obama’s auto team is in Detroit today as it considers whether to give the companies $22 billion more in bailout cash, the Wall Street Journal reports. The field trip will include visits to production and engineering facilities and a meeting with the United Auto Workers. More »

    • Bankruptcies Could Boost US Car Sales

      Bankruptcies Could Boost US Car Sales

      (Newser) - Contrary to what GM and Chrysler contend, bankruptcies could actually end up boosting their sales. Customers who backed away from the brands amid uncertainty may return once the future is known—even if it's one that entails Chapter 11, marketers tell Advertising Age . Case in point: Studebaker lasted 30 years after it filed for Depression-era bankruptcy protection. More »

  • February 2009
    • Would-Be 'Car Czar' to Head Auto Task Force

      Would-Be 'Car Czar' to Head Auto Task Force

      (Newser) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm he co-founded to take the position, is still expected to play a central role but without direct oversight. More »

    • Detroit Bailout Proposals: Disappointing, Incomplete

      Detroit Bailout Proposals: Disappointing, Incomplete

      (Newser) - GM and Chrysler now want another $22 billion from Washington—and propose to use dramatic job cuts to help right their respective ships. What both companies avoid, writes economist Susan Helper for the New Republic , is an appraisal of the real problem: Nobody wants to buy their cars. Rather than cutting labor costs, the companies need to figure out  why a typical American car sells for $2,000 less than a comparable Japanese model. More »

    • GM, Chrysler: Bailout Is Bad, but Bankruptcy Is Worse

      GM, Chrysler: Bailout Is Bad, but Bankruptcy Is Worse

      (Newser) - The restructuring plans unveiled by GM and Chrysler make one thing clear: the cost of bailing out the companies has jumped $14 billion to a total of $39 billion. But as the White House begins to pick through the plans, the companies say it would be far more expensive if they go bankrupt, the Wall Street Journal reports. GM says it would require $100 billion in financing for a "risky" bankruptcy, while Chrysler says it would need an additional $24 billion. Both tried to play down even the possibility of such a move. More »

Stories 41 - 60 of 178

Unsold 2007 Commanders sit in a long row at a Chrysler/Jeep dealership in the southeast Denver suburb of Centennial, Colo., on Sunday, Sept. 16, 2007. (AP Photo/David Zalubowski)
Unsold 2007 Commanders sit in a long row at a Chrysler/Jeep dealership in the southeast Denver suburb of Centennial, Colo., on Sunday, Sept. 16, 2007. (AP Photo/David Zalubowski)   (Associated Press)
Chrysler Sebring automobiles wait for transport from the Sterling Heights Assembly facility in Sterling Heights, Mich., Thursday, Nov. 1, 2007. Chrysler LLC said Thursday it plans to cut up to 12,000 jobs, or up to 15 percent of its workforce, as part of an effort to slash costs and...
Chrysler Sebring automobiles wait for transport from the Sterling Heights Assembly facility in Sterling Heights, Mich., Thursday, Nov. 1, 2007. Chrysler LLC said Thursday it plans to cut up to 12,000...   (Associated Press)
A prospective buyer looks over a 2008 Dodge Caravan on display outside Folsom Field in Boulder, Colo., on Saturday, Oct. 20, 2007.  Automaker Daimler AG on Oct. 25, 2007 posted its first quarterly loss since 2003, with charges of $3.7 billion from the sale of Chrysler offsetting big gains...
A prospective buyer looks over a 2008 Dodge Caravan on display outside Folsom Field in Boulder, Colo., on Saturday, Oct. 20, 2007. Automaker Daimler AG on Oct. 25, 2007 posted its first quarterly loss...   (Associated Press)
The Chrysler logo is shown on one of its cars at a dealership in Portland, Ore., Thursday, Oct. 25, 2007.   Automaker Daimler AG posted its first quarterly loss since 2003, with charges of $3.7 billion from the sale of Chrysler offsetting big gains by its Mercedes-Benz Car Group. (AP...
The Chrysler logo is shown on one of its cars at a dealership in Portland, Ore., Thursday, Oct. 25, 2007. Automaker Daimler AG posted its first quarterly loss since 2003, with charges of $3.7 billion...   (Associated Press)
Chrysler said on Thursday, Nov. 1, 2007, that  it plans to cut up to 12,000 jobs, or up to 15 percent of its work force, as part of an effort to slash costs and match slowing demand for some vehicles. (AP Graphic)
Chrysler said on Thursday, Nov. 1, 2007, that it plans to cut up to 12,000 jobs, or up to 15 percent of its work force, as part of an effort to slash costs and match slowing demand for some vehicles....   (Associated Press)
A sign sits in front of the Daimler Chrysler Brampton Assembly plant north of Toronto, Thursday, November 1, 2007.  Chrysler announced a continent wide restructuring that will see the third shift and 1,100 jobs eliminated at the Brampton plant, which exports most of its large cars to the United...
A sign sits in front of the Daimler Chrysler Brampton Assembly plant north of Toronto, Thursday, November 1, 2007. Chrysler announced a continent wide restructuring that will see the third shift and...   (Associated Press)
Daimler Chrysler employees get into a shuttle in the shipping yard of the Brampton Assembly plant north of Toronto, Thursday, November 1, 2007.  Chrysler announced a continent wide restructuring that will see the third shift and 1,100 jobs eliminated at the Brampton plant, which exports most of its large...
Daimler Chrysler employees get into a shuttle in the shipping yard of the Brampton Assembly plant north of Toronto, Thursday, November 1, 2007. Chrysler announced a continent wide restructuring that...   (Associated Press)
Chrysler LLC President and Vice Chairman Jim Press stands next to the company's logo at the automaker's headquarters in Auburn Hills, Mich., in this Oct. 1, 2007 file photo. Before joining Chrysler, Press, 61, spent 37 years at Toyota, where he rose to become the Japanese automaker's top North American...
Chrysler LLC President and Vice Chairman Jim Press stands next to the company's logo at the automaker's headquarters in Auburn Hills, Mich., in this Oct. 1, 2007 file photo. Before joining Chrysler, Press,...   (Associated Press)
Jeeps move down an assembly line at the Daimler Chrysler, Jeep plant in Toledo, Ohio in this Aug. 28, 2006 file photo. Chrysler LLC said Thursday, Nov. 1, 2007, that it plans to cut up to 12,000 jobs, or up to 15 percent of its work force, to slash...
Jeeps move down an assembly line at the Daimler Chrysler, Jeep plant in Toledo, Ohio in this Aug. 28, 2006 file photo. Chrysler LLC said Thursday, Nov. 1, 2007, that it plans to cut up to 12,000 jobs,...   (Associated Press)
A Dodge Viper SRT10 ACR is shown in this photo provided by Chrysler. With its 8.4-liter, 600-horsepower V-10 engine, the Viper SRT10 ACR _ for auto club racers _ isn't for the faint of heart. Chrysler said the car is made for enthusiasts who want to drive it to...
A Dodge Viper SRT10 ACR is shown in this photo provided by Chrysler. With its 8.4-liter, 600-horsepower V-10 engine, the Viper SRT10 ACR _ for auto club racers _ isn't for the faint of heart. Chrysler...   (Associated Press)
The 2008 Dodge Grand Caravan is displayed at the Four Seasons Hotel in Carlsbad, Calif., in this July 17, 2007 file photo. Chrysler LLC says it's pleased with sales of its new minivans, but there are signs that the vehicles aren't doing as well as the company had hoped.  The...
The 2008 Dodge Grand Caravan is displayed at the Four Seasons Hotel in Carlsbad, Calif., in this July 17, 2007 file photo. Chrysler LLC says it's pleased with sales of its new minivans, but there are...   (Associated Press)
The entrance of the Daimler Chrysler Newark Assembly plant in Newark, Del. is seen in this Feb. 14, 2007 file photo. The plant is slated to close in 2009. (AP Photo/Pat Crowe II, file)
The entrance of the Daimler Chrysler Newark Assembly plant in Newark, Del. is seen in this Feb. 14, 2007 file photo. The plant is slated to close in 2009. (AP Photo/Pat Crowe II, file)   (Associated Press)
The Chrysler assembly plant in Belvidere, Ill., is seen in this Oct. 26, 2007, file photo. Chrysler LLC announced on Nov. 1, 2007, it plans to cut up to 12,000 jobs, or up to 15 percent of its work force, as part of an effort to slash costs and...
The Chrysler assembly plant in Belvidere, Ill., is seen in this Oct. 26, 2007, file photo. Chrysler LLC announced on Nov. 1, 2007, it plans to cut up to 12,000 jobs, or up to 15 percent of its work force,...   (Associated Press)
Dieter Zetsche, CEO of the Daimler AG, poses after an AP interview at the Daimler headquarters in Stuttgart, Germany, Friday, Nov. 16, 2007. In the background Imi Knoebel's collage
Dieter Zetsche, CEO of the Daimler AG, poses after an AP interview at the Daimler headquarters in Stuttgart, Germany, Friday, Nov. 16, 2007. In the background Imi Knoebel's collage "without title" of...   (Associated Press)
Dieter Zetsche, CEO of the Daimler AG, smiles during an AP interview at the Daimler headquarters in Stuttgart, Germany, Friday, Nov. 16, 2007.  Zetsche said his company is in very strong shape after splitting from Chrysler, and the danger of becoming a takeover target has eased. (AP Photo/Thomas Kienzle)
Dieter Zetsche, CEO of the Daimler AG, smiles during an AP interview at the Daimler headquarters in Stuttgart, Germany, Friday, Nov. 16, 2007. Zetsche said his company is in very strong shape after splitting...   (Associated Press)
Dieter Zetsche, CEO of Daimler AG, gestures during an AP interview at the Daimler headquarters in Stuttgart, Germany, Friday, Nov. 16, 2007. In the background Andy Warhol's painting of a Daimler Motorkutsche, the first automobile of the world.  Zetsche said his company is in very strong shape after splitting from...
Dieter Zetsche, CEO of Daimler AG, gestures during an AP interview at the Daimler headquarters in Stuttgart, Germany, Friday, Nov. 16, 2007. In the background Andy Warhol's painting of a Daimler Motorkutsche,...   (Associated Press)
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