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Filed under: Hybrids/Alternative , Sedans/Saloons , Etc. , Government/Legal , Hirings/Firings/Layoffs , Chrysler, LLC. , Ford , GM Click above for a high-res gallery of the 2008 Malibu Hybrid While it won't get him there as quickly (or as luxuriously) as a Gulfstream corporate jet, GM CEO Rick Wagoner will drive to Washington this week in a Chevrolet Malibu hybrid to ask for taxpayer-funded bridge loans. Last month, Wagoner, Ford CEO Alan Mulally and Chrysler LLC CEO Robert Nardelli, all received some serious flak from both lawmakers and the public when they arrived in Washington via three separate private jets while begging for $25 billion in federal money. All are expected to take alternate forms of transportation this time around, with Mulally already announcing plans to drive a Ford Escape Hybrid . Simple math says Wagoner's Malibu hybrid should only burn about 15 gallons of fuel during the 520-mile trek from Detroit to Capitol Hill, costing the automaker about $30 in gasoline...
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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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