Chrysler to get $6 billion more, has 30 days to partner with Fiat

Posted: Mar 30, 2009
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Barack Obama’s auto task force is highly disappointed in GM and Chrysler and has given both automakers failing grades for their turnaround efforts. We’ll get more official details later today, but White House officials have said that President Barack Obama is willing to provide an additional $6 billion to Chrysler, only if it can wrap up its proposed alliance with Fiat S.p.A in 30 days.

If Chrysler fails to close a deal with Fiat and give it a 35 percent stake by the end of April, it will be forced to survive as a stand-alone business.

Government officials said that there is still a lot of work to do on the proposed partnership and that agreement terms would need to be modified.

Chrysler has so far declined to comment on the requirements set by the government. We’re scheduled to get an official statement later today after President Barack Obama’s announcement.

- By: Omar Rana

Source: Free Press


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  • Neil

    Clocks ticking – as larry the cable guy woul dsay – get 'er done

    then I can put a down payment on a MiTo GTA!

  • Pat

    haha i agree..just sign the deal and get it done with… they have no choice

  • JVC

    If I fail can I also get $6 Billion?

    talk about incentive going the OPPOSITE direction!!!!!!

  • zermatt

    I hope they do bring in the MiTo GTA to the U.S.

    It is the least they can do for the taxpayers that are auto enthusiasts.

  • Neil

    Clocks ticking – as larry the cable guy woul dsay – get 'er done

    then I can put a down payment on a MiTo GTA!

  • Pat

    haha i agree..just sign the deal and get it done with… they have no choice

  • JVC

    If I fail can I also get $6 Billion?

    talk about incentive going the OPPOSITE direction!!!!!!

  • zermatt

    I hope they do bring in the MiTo GTA to the U.S.

    It is the least they can do for the taxpayers that are auto enthusiasts.