Chrysler’s Press: Media reports are speculation, we’re going to be here

Jim Press, ex-Toyota executive and now Chrysler’s Vice Chairman and President is downplaying talks that Chrysler is being shopped by its owners Cerberus. Press called the reports being made by the media “speculation.”

“There is a lot of distraction in our industry that is fueled by speculation. All I ask is stop reading the newspaper,” said press when speaking to auto industry workers at Convergence 2008.

He said Chrysler has changed its business model by reducing the size of the company and pulling back on high level of negative cash flow and stabilizing it finances. Chrysler has $11 billion in cash on hand which GM is interested in. GM runs through $1 billion in cash every month.

“Our strategy is working. Maybe that’s why lots of people are sniffing around the Chrysler vault lately,” he said. “We’re going to be here.”


Source: Detroit News