Nardelli: Chrysler needs $3 billion more and is not looking for a merger

Last we heard anything on Chrysler and GM merger talks, it was reported that Chrysler LLC’s owner Cerberus Capital Management had restarted talks for the two Detroit automakers to join forces. Speaking at the 2009 Detroit Auto Show, Chrysler CEO Bob Nardelli said that the company is not looking for any buyers or mergers and is looking to get another $3 billion in loans from the government.

The additional $3 billion will be a part of the $7 billion that Chrysler initially asked for from Congress to keep itself in business through 2012.

Nardelli said that merger talks with General Motors are now officially off. He said that Chrysler is looking for alliances similar to the ones it has with Nissan and Volkswagen.

Chrysler is currently operation on $4 billion in loans recently handed over by the U.S. Treasury. Nardelli said that Chrysler can begin repaying the loan by 2012.

Source: Detroit Free Press