|
Browse by Tags
All Tags » Chrysler » chrysler llc ( RSS)
-
|
Michigan Senator Carl Levin remarked during a local debate Monday that the federal government might be agreeable to greasing the squeaky wheel in any GM takeover of Chrysler , reports the Detroit News . "No other country in the world would stand by and watch major corporations go under this way without trying to do something about it," said the senator, acknowledging that a merger could result in job losses, but an outright failure of one or both of the automakers would produce far more devastating results to the state economy. So what kind of aid might be on the way? "I don't have anything specific I want to talk about at this point," he said. "There may be ways (to help a merger) ... but I better leave it at that." Levin obviously has his own ideas about how to facilitate a GM/Chrysler deal. Whether he's thinking low-interest loans — more of them — or something more akin to the recent banking deal that saw the federal government gain minor...
|
-
|
Chrysler LLC is reporting September sales declines of 32.8% over the same period a year earlier, with results battered by the same economic forces other automakers are up against. Chrysler Finance also discontinued leasing at the end of July, marking September as another month Chrysler dealers had to find alternative sources of lease financing; Chrysler has tried to provide interest rates and loan terms that provide payments similar to lease payments consumers have been used to.
|
-
|
Following the suspension of leasing by Chrysler Financial, Chrysler LLC has announced a new strategy to lower vehicle purchase payments to about the same price point that consumers were accustomed to with leasing. In addition to a model year-end promotion called "Shop 'Til You Drive," Chrysler will be expanding the vehicles eligible for 72-month loans, expanding cash incentives, in some cases to as much as $2,000, and providing additional cash incentives to customers coming off-lease. Automotive News reports that some Ram trucks will be getting discounts of as much as 40% off sticker price in an effort to clear inventory, and that Chrysler dealers will be encouraged to "think in terms of the kinds of clearance sales that department stores have." Full release below the jump. Jalopnik Snap Judgment: As we expected, Chrysler is going to try to bring the monthly cost of purchasing down to the same level at which leasing used to be. The key word is "monthly."...
|
-
|
Chrysler LLC revealed a $515 million first-quarter 2008 loss, despite the fact that the privately held firm isn't required to discuss earnings. So what gives? Ex-lover Daimler spilled the beans Thursday, stating that its 20% stake in Chrysler lost about $105 million in value. The Detroit News did some quick math, multiplying Daimler's loss by five, and a Chrysler spokesperson eventually confirmed that the number was in the half-a-billon dollar neighborhood. Jalopnik Snap Judgment: A little more math, based on the fact that Chrysler really has nothing besides the Ram truck coming out this year, tells us Chrysler is on track for a $2-billion-plus loss for the year, breaking their previous record of $1.6 billion. As Rebecca Lindland, auto analyst at Global Insight, said, "From a product perspective, you can't point to a light at the end of the tunnel." Ouch. So Chrysler's survival will depend upon how deep owner Halliburton Cerberus Capital Management's pockets...
|
-
|
Come Halloween, Chrysler will idle its St. Louis South minivan plant indefinitely. And, just so the 1,500 employees at St. Louis South are clear about the meaning of "idle indefinitely," co-president Tom LaSorda said, "We see no intent to rerun this plant. We're idling it and it will likely be fully closed." The plant was down to one shift already; after the closure, Chrysler will source the Grand Caravan and Town & Country from its Windsor, Ontario minivan plant. Additionally, on Sept. 2, the St. Louis North truck plant will be pared down to one shift, resulting in about 900 layoffs. Chrysler had spent approximately $800 million in plant improvements to the two facilites over the past two years, so look for Cerberus to increase the price of a Town & Country Limited from $36,755 to $288,995 in an effort to recoup costs. Union leaders speculate that some of Chrysler's decision was based on political circumstances, as both St. Louis facilities voted down...
|
-
|
Former chairman Lee Iacocca gave a closed pep rally to Chrysler employees yesterday in Auburn Hills, once again sharing the stage with a K-car , a minivan ...and rumors of Chrysler's imminent bankruptcy. While current CEO Bob Nardelli was praising Iacocca as "Chrysler's most dynamic leader" and "a great American," Chrysler spokesman David Elshoff was telling reporters that rumblings about a forthcoming bankruptcy filing by the automaker were "without merit." Presumably addressing the present state of the industry, Iacocca said, "We'll live through it. Don't panic. Things are going to be OK." To fix the current management problems, Iacocca suggested outfitting Nardelli with wire wheel covers and a vinyl landau roof, then sending him back into the boardroom and hoping everyone would think he was a totally new CEO. The bankruptcy rumors seem to have sprung from reports this week that Chrysler drew down on a line of credit from Daimler...
|
-
|
Chrysler announced earlier in the year their intention to offer in-vehicle WiFi capability, and we'll be damned if they didn't actually go and do it. Beginning in August, customers will be able to get in-vehicle wireless Internet connectivity across nearly the entire Chrysler product line — even if it's not an Avis rental car . The technology will be bundled under the UConnect name, and is intended to compete with the Ford/Microsoft Sync system . Before you cancel your DSL, note that the router module will cost $449, plus another $50 for installation (which should really be free if you're offering to take a Sebring off their hands), and then add $29 per month for Web access. Add a coffeemaker and the office just got one step closer to irrelevance. Chrysler says the in-car WiFi will be available wherever cellular service is offered (pretty much anywhere you can take a car these days) and have a a range of about 100 feet. The system's range capability means you won't...
|
-
|
Cerberus Capital Management is not second-guessing its 2007 purchase of Chrysler from Daimler, and the the business is "on track," Chrysler LLC CEO Robert Nardelli said Tuesday at a Wall Street Journal press conference. Nardelli has been facing speculation that Cerberus got in over its head with the Chrysler purchase, particularly in light of U.S. sales that are down 25.4 percent in May and 19.3 percent for the year to-date compared with the same period a year ago. We suspect Cerberus is speculating that Nardelli got in over his head when he took the top spot. Not surprisingly, Nardelli said that Chrysler might have to "go back and resize" production plans. He also reiterated his expectation that Chrysler would remain a private company, explaining that there were clear advantages to running Chrysler under private equity ownership rather than as a public company. For example, not having to tell reporters a damn thing except, "we are guarded but optimistic. We are...
|
-
|
Who knew Chrysler would drop so far in the mid-size market that new CEO Bob Nardelli would find it necessary to create a "skunk works" team comprising every piece of the vehicle development process in order to come up with the company's next-generation mid-size vehicles. Apparently the Sebring wasn't quite the bee's knees. Who knew? Nardelli, speaking at the Automotive News World Congress, would not say what the vehicle would be but Chrysler is already introducing the Dodge Journey, a mid-size vehicle, to world markets this year. Bob "The Builder" Nardelli also announced the new midsize team will be headed by Michael Donoughe, who has recently been vice president of body on frame and core team leader of product development. Here's to hoping Donoughe's next vehicle is more of a looker than the Journey. [ Automotive News ] Photo Credit: Bill Pugliano / Getty Images News
|
-
|
Jason Vines, Chrysler's Vice President of Communications, a.k.a. Chysler's Press Guru, a.k.a. the man tasked with yelling back at Maximum Lutz, has stepped down today, according to the company. What this all means isn't immediately certain, as we haven't seen the press release from another manufacturer stating that they've just hired Jason Vines. But we're happy to reuse this picture from our coverage of the Dodge-Peta fiasco Vines was tasked to handle. Look for conspiracy theories later in the day. In the meantime, sort of meaningless corporate speak below the jump: Jason H. Vines Resigns as Vice President-Communications at Chrysler LLC Company Realigns Corporate Communications Department AUBURN HILLS, Mich., Dec. 10 - Chrysler LLC today announced that Jason H. Vines, its Vice President-Communications has elected to resign and, therefore, the company is announcing a realignment of its Corporate Communications Department. "Now that Chrysler is an independent...
|
|
|
|