When you’re asking for a loan you usually ask humbly. However, Chrysler had a more direct tone with the Canadian government on Wednesday saying that the automaker may close plants in the country if it doesn’t get sufficient labor concessions, government aid and resolution of tax disputes. “Failure to satisfactorily resolve these three factors — [...]
While some of you are wondering where our visitor zermatt is (zermatt being a very analytical individual who we feel is a great addition to our community), we’re guessing he’s unwinding after a very tiring visit to Detroit on Monday where President Obama’s auto task force visited General Motors and Chrysler. Either way, the auto [...]
Chrysler’s main executives will be meeting with the Obama auto task force today. CEO Bob Nardelli, vice chairman Tom LaSorda and CFO Ron Kolka will all be meeting with the members of the U.S. Treasury Department’s auto team and the White House National Economic Council. No word on whether Jim Press will also attend. The [...]
President Barack Obama on Wednesday imposed a $500,000 cap on senior executive pay for most of the financial institutions receiving taxpayer bailout money. He promised that new steps that will be taken to end a system that rewards “executives being rewarded for failure.” All of the Detroit 3 automakers have accepted $1 dollar salaries while [...]
Chrysler LLC is offering another round of buyouts and early retirement packages to hourly workers in an effort to replace them with new employees that will work for cheaper. According to a union official, the packages were announced on Friday to selected UAW officials since the company has not announced the plan publicly. A new [...]
Chrysler’s CEO Bob Nardelli has promised that the company will use its $3 billion in second-stage federal loan money for North American operations even if Chrysler and Fiat move forward with their partnership. He said that the second round funding will be “the only way that a deal will get consummated.” “None of the funds [...]
Expect to see many more Chrysler/Fiat headlines within the next few days. Hot of the press is a new report that Democratic senator Robert Menendez is urging President Barack Obama to require Chrysler to repay its federal bailout money if Fiat takes a controlling stake of the U.S. automaker. Menendez said in a later to [...]
General Motors yesterday got the first of $4 billion in emergency loans from the U.S. Treasury. However, it’s rival, or fellow struggling Detroit automaker depending on how you want to look at it, Chrysler is still waiting. While GM was stern about its needs to get the loan by the end of 2008; Chrysler said [...]
As Chrysler faces financial challengers, the company has canceled its annual getaway that rewards top-performing dealers. Chrysler told dealers this week that it would not send representatives from 300 dealerships to the Mexico for five days to stay in the Hilton Los Cabos Beach & Golf Resort in San Jose del Cabo. While many taxpayers [...]
Update: GM has released a statement denying the report made by the Wall Street Journal that it is holding merger talks with Chryler. “There are no talks going on,” GM spokesman Tony Cervone told Automotive News. “Our position has not changed at all since November when we said we are concentrating on our liquidity situation.” [...]
