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Filed under: Chrysler , Dodge , Earnings/Financials Chrysler, already hurt by slow sales of its bread-and-butter pickups and SUVs, doesn't think things will improve any time soon. According to an email sent by CEO Bob Nardelli to Chrysler employees, he believes that sales will continue to spiral down the drain. So far, though, the third of the Detroit 3 isn't ready to announce any additional layoffs or plant closures. Chrysler must have had some really foresighted, or extremely pessimistic, people on the team who set early '08 predictions, as Nardelli claims that the company he's leading is still on track to achieve its goals. Dodge has already shut the doors of its Saltillo plant in northern Mexico in an effort to "adjust" inventory levels of the current Ram pickup. The next vehicle set to debut for Dodge is the completely new Ram , which will appear just as gas prices have seriously trimmed truck sales. For Chrysler, the Hornet can't come soon enough. [Source...
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Filed under: Chrysler , Earnings/Financials Despite the fact that the beleaguered automaker has not yet turned a profit since its unceremonious departure from Daimler to Cerberus, Chrysler CEO Bob Nardelli says that the company is still on track. "Through the first quarter we are still on plan relative to the pro forma and the targets we established for 2008, in spite of some of the economic winds that are hitting us," he says. In order to turn last year's $1.6 billion loss into positive cash flow, Chrysler will be relying heavily on joint-partnerships like the one it just announced with Nissan (but probably not Fiat ) as well as with new and advanced engineering. Nardelli highlights interiors, upcoming technology integration and alternative powertrains as potential new incoming-generating features for their line of vehicles. [Sources: Automotive News / The Detroit News ] Read | Permalink | Email this | Comments
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Filed under: Chrysler , Earnings/Financials Chrysler LLC CEO Bob Nardelli learned the hard way recently that you never, ever use the term "bankruptcy" in any context whatsoever when in polite company. In a meeting with employees earlier this month, Nardelli was asked if the automaker was bankrupt, to which he replied, "Technically, no. Operationally, yes. The only thing that keeps us from going into bankruptcy is the $10 billion investors entrusted us with." He later confirmed making the comment, adding that he meant to "convey a sense of urgency", i.e. light some fires under a few asses. Nardelli's comment about the company being operationally bankrupt has taken on a life of its own in the last few days. We even witnessed mainstream media maven Brian Williams report about the quote on NBC Nightly News yesterday evening. This is the first PR faux paus to occur at Chrysler since the departure of ex-VP of Communications Jason Vines, so we weren't sure...
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Filed under: Chrysler , Earnings/Financials Chrysler Chief Executive Robert Nardelli tells a grim tale for the automaker's 2007 financial report. He has informed employees that the company is barreling towards a substantial loss this year. Bankruptcy would be imminent without $10 billion recently received from investors during the Cerberus acquisition. The company is in dire need of increased cash holdings. Nardelli hopes to sell off $1 billon in assets, composed partially of old plants and land, to generate more funds. The Chief Executive also calls for improved vehicle interiors, realistic sales forecasts, production reduction and increased use of overseas suppliers. While the former Home Depot head was criticized at his old job for hard tactics, he has presented a friendlier side with Chrysler employees, particularly the engineers. It does not seem however, that he has warmed up to the upper management in place. Nardelli has brought in other former Home Depot executives to consult...
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