The White House’s economic adviser Austan Goolsbee said yesterday that General Motors’ new chief executive officer has embraced a change of direction and is working to make the company viable. He said that under Fritz Henderson, who replaced ousted CEO Rick Wagoner, is heavily engaged in restructuring. “It’s clear he’s embracing a change of direction [...]
Almost a month later, Fiat’s CEO Sergio Marchionne will be returning to the United States; however, this time instead heading to Washington to meet with the auto task force, Marchionne will be going straight to Detroit to visit Chrysler and Bob Nardelli. According to Automotive News, Marchionne took a red-eye on Monday to Detroit after [...]
As most of you are aware by now, President Barack Obama and his automotive task force today flunked General Motors’ and Chrysler’s viability plans that were submitted on Feb 17. “Neither goes far enough to warrant the substantial new investments that these companies are requesting,” Obama said. “They must produce plans that would give the [...]
Now that General Motors and Chrysler have limited time to decide what they want to do with their future – we’re wondering if you have any tips for Bob Nardelli and GM’s new CEO, Fritz Henderson. The Obama administration said today that they will continue to fund General Motors for an additional 60 days while [...]
Chrysler, Cerberus and Fiat have reached an agreement on a framework of a global alliance that will be supported by the U.S. Treasury – which means no final agreement for its proposed partnership with Fiat has been reached as of yet. In a statement released today after President Barack Obama’s speech, Bob Nardelli said “Chrysler [...]
President Barack has just wrapped up his press conference on the government’s decision on the viability plans submitted by GM and Chrysler on Feb 17th after both automakers received $17.4 billion. “Neither goes far enough to warrant the substantial new investments that these companies are requesting,” Obama said. “They must produce plans that would give [...]
“We have done everything we were supposed to do regarding our Chrysler proposal. I flew to the U.S. twice for long talks with the president’s automotive task force. “Now it is up to them (the task force) to decide.” Those are the words of Fiat Group SEO Sergio Marchionne who said he is satisfied with [...]
Contradicting Bob Nardelli’s statement that Fiat would assume Chrysler’s debt, Fiat released a statement earlier this morning saying that it “intends to make absolutely clear that the proposed alliance will not entail the assumption of any current or future indebtedness to Chrysler.” Nardelli said yesterday that Fiat would be responsible for 35 percent of Chrysler’s [...]
Why is Fiat good for Chrysler? Check out this video of CEO Bob Nardelli telling you why the Chrysler and Fiat partnership works. “We are clearly viable on a stand-alone basis; however, our viability will be significantly enhanced with a Fiat alliance,” says CEO Nardelli. What do you think about his statement? Have your say [...]
In an interview with CNBC today, Chrysler’s CEO Bob Nardelli said the company’s financial arm needs a second round of loans to accelerate sales to customers who cannot qualify for loans. Nardelli said that the $1.5 billion loan made to Chrysler Financial in January helped stabalize February sales and helped the automaker offer 0 percent [...]
