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Giants feud over value of Chrysler | The Detroit News | detnews.com A war of words erupted Wednesday between Daimler AG and Cerberus Capital Management LLC over the terms of the German automaker's sale of a majority stake in Chrysler LLC to the private equity firm. The dispute could jeopardize Cerberus' purchase of the rest of Chrysler and may have to be settled in court. The two companies are sparring over the amount New York-based Cerberus paid Daimler last year for an 80.1 percent stake in Chrysler Holding LLC, which comprises the automaker and Chrysler Financial... Article added: 2008-11-27 08:21:31 Article Views Rating: 132
Chrysler ties fed aid to buyouts | The Detroit News | detnews.com After 10 years, Ed Saenz will no longer be a Chrysler LLC spokesman or even a Chrysler employee. He joined a parade of white-collar workers who on Wednesday handed in paperwork to take a buyout from the Auburn Hills automaker. His decision and that of likely thousands of others follows Chrysler's Oct. 24 announcement that the company would cut about 5,000 of its 17,300 white-collar salaried and contract workers in response to difficult market conditions. The cuts worldwide are expected to take place by... Article added: 2008-11-27 08:21:33 Article Views Rating: 129
Cerberus making big demands for remaining stake in Chrysler Daimler has already admitted that its 19.9% share in Chrysler is worth absolutely zero as far as its corporate balance sheets are concerned, but that's not stopping Cerberus from going after that remaining bit as it tries to become the sole owner of the beleaguered American automaker. Without full control of Chrysler, Cerberus would have a tough time offloading it in either one lump deal or in smaller, bit-by-bit transactions. But it sounds like Chrysler's majority owner isn't making life easy for... Article added: 2008-11-27 08:21:34 Article Views Rating: 114
Chrysler layoffs unlikely | The Detroit News | detnews.com Overwhelming response by Chrysler LLC salaried workers taking buyout packages may be enough to avoid further layoffs. "We're fairly certain we've achieved our target and won't have to do any involuntary layoffs for the end of the year," spokeswoman Lori McTavish said Friday. Thousands of white-collar workers chose to take packages and walked out the door for the last time Wednesday night. And while most will drop off the payroll as of Nov. 30, the high take rate has forced some departments to offer a... Article added: 2008-11-29 08:01:09 Article Views Rating: 154
Chrysler hasn't killed future product plans... yet As you'd imagine, it's pretty tough to run a successful auto company if there's no viable product in the pipeline. Chrysler has seen its fair share of negative press for not announcing a clear strategy to rebuild the heart of its line-up, namely the Chrysler Sebring and the Dodge Avenger, and it's unclear how much life the aging 300C and Charger platform has in it. According to Chrysler's product development chief, Frank Klegon, though, there's nothing to worry about... assuming that the Feds pull... Article added: 2008-12-02 10:58:37 Article Views Rating: 137
Chrysler: Warns it needs loan to stay in business | The Detroit News | detnews.com Chrysler LLC, the smallest and weakest of Detroit's automakers, said it may not be able to keep its business going beyond March if it does not obtain $7 billion in bridge loans from the government this month. In a plan sent to Congress on Tuesday to support its loan request, Chrysler said it had $9.4 billion in cash at the end of June but expects to end the year with only $2.5 billion cash on hand because of a collapse in U.S. auto sales aggravated by a financial crisis. "We are asking you to help us... Article added: 2008-12-03 07:00:08 Article Views Rating: 139
Chrysler plan to Congress requires $7 billion in loans to ward off death We've already seen GM and Ford issue their pleas for government loans, and now it's Chrysler's turn. The only privately-owned automaker of the three released a 13-page document outlining the aid it seeks from the Feds and how it plans on spending our hard-earned cash. If you want to read the full text, it's available after the jump. But the condensed version follows.Chrysler is requesting a $7 billion "secured working capital bridge loan" by December 31st, citing the collapse of the light-duty vehicle... Article added: 2008-12-03 07:00:11 Article Views Rating: 139
Next-gen Chrysler 300/Dodge Charger to beat CAFE standards, get 8-speed auto It's pretty obvious at this point that Cerberus doesn't want to keep Chrysler, and turbulent economic realities have scuttled what few available prospects there would have been for new ownership. Some have openly wondered whether team Pentastar is even working on new products at all. Product development VP Frank Klegon insists that new Chrysler, Dodge and Jeep models are on their way, and he points to the next 300/Charger as proof. Klegon told Automotive News at the LA Auto Show that the 2011 redesign... Article added: 2008-12-03 07:00:13 Article Views Rating: 119
Chrysler Outpaces GM To The Bottom Of The Heap: November Sales Fall 47% Chrysler LLC today reported total November 2008 US sales of 85,260 units, down 10% versus October 2008 94,530 units, and down 47% from the same month last year. Inside these total numbers, fleet sales decreased 63% versus last November, as planned, and retail sales were in line with the retail industry down 36%. The company's U.S. retail market share increased 0.6 percentage points in November. "2008 will go down as unlike any other year in the industry, and thus, comparisons to 2007 sales have... Article added: 2008-12-03 07:00:18 Article Views Rating: 157
Chrysler/Nissan partnership bears fruit in South America: the Dodge Trazo C1.8 Click above for high-res gallery of the Dodge Trazo C1.8 Early this year Chrysler and Nissan formed a partnership to share products. The big news at the time was that Nissan would be replacing its Titan pickup with a version of the Dodge Ram. But before that deal went down, the two automakers from different continents had already agreed on a partnership that would see the Nissan Versa sold in some South American markets as a Dodge. Today Dodge unveiled that vehicle at the Sao Paulo Auto Show in Brazil... Article added: 2008-12-04 15:19:04 Article Views Rating: 104 |
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