DETROIT (Reuters) - Chrysler LLC CBS has told U.S. dealers reports of its financial distress were unfounded, Automotive News reported on Thursday, citing a letter from company executives. "Speculation has surfaced recently in media coverage of analyst reports suggesting Chrysler might...
Is Chrysler truly desperate? Or GM, or Ford? Getting there, but not quite yet. Strike One: Fire-Sale Incentives All three of the Detroit Three recently resorted to incentive programs to try and sell down stockpiles of unsold cars and trucks. GM had...
Wow, that must be some "plan" at Chrysler. With June sales down 35.9 percent in June -- it hurts just to type that number -- Jim Press, Chrysler president and vice chairman, serenely insisted in a July 1 conference call that wholesale shipments to dealers are going...
SHANGHAI (Reuters) - Chrysler LLC CBS has signed a memorandum of understanding with China's Great Wall Motor Co to explore long-term business ties in various areas including distribution, components and technology. The move is part of Chrysler's drive for greater ...
DETROIT (Reuters) - Chrysler LLC CBS said it scheduled a briefing on Monday afternoon to discuss an unspecified "manufacturing action" it plans to take in response to a slumping U.S. auto market. Chrysler's larger rivals General Motors Corp GM and Ford...
By Poornima Gupta DETROIT (Reuters UK) - Chrysler will shut its St Louis minivan plant, cutting production of its top-selling vehicle and 2,400 factory jobs in a sign of the automaker's troubles with a market reeling from record gas prices. Chrysler said it would close the...
By Poornima Gupta DETROIT (Reuters) - Chrysler LLC will shut its St Louis minivan plant, cutting production of its top-selling vehicle and 2,400 factory jobs in a sign of the automaker's troubles with a market reeling from record gas prices. Chrysler said it...
Chrysler was widely reported today to be cutting 1,000 white-collar jobs, on top of previously announced production cuts, layoffs and job cuts. The way it often works in Detroit is that when blue-collar jobs are cut, white-collar job cuts aren't far behind. The car companies are sensitive to any suggestion...
Domestic automakers have been compelled to state in recent days that they're not planning to file for bankruptcy -- which unfortunately for them only serves to keep the word "bankruptcy" appearing in the same headlines as Ford, GM and Chrysler. Spokesmen like Chrysler's Jim Press and GM's Rick Wagoner used terms like,...
DETROIT (Reuters) - Shares of General Motors Corp GM tumbled to a 54-year low while smaller rival Ford Motor Co F shares fell as much as 10 percent on Monday on concerns record oil prices would further hit U.S. demand for vehicles. "It's...
By Kevin Krolicki DETROIT (Reuters) - Shares of General Motors Corp hit their lowest level since 1955 and dragged down the auto sector on Thursday after Goldman Sachs cut the struggling U.S. industry's largest manufacturer to a "sell" rating and warned it would...
Stockholders representing more than one billion shares of Ford stock aren't waiting around to see what Kirk Kerkorian intends to do with Ford. They want to sell now, and small wonder: Kerkorian offered $8.50 per share, versus Ford's closing market price of $6.36 on June 9, when the tender offer...
Ford Motor and General Motors suddenly seem to agree that high gas prices are here to stay, and therefore so is the shift out of big pickups and SUVs, and into small cars and crossovers. Chrysler has been more cautious in its rhetoric than Ford and GM....
Cerberus Capital Management denied news stories today that it sold any of its equity stake in either Chrysler or GMAC Financial Services. But other than denying it, the privately held Cerberus was masterfully vague about what exactly may have led to a Financial Times story that said Cerberus...
Ford Motor is widely reported to be cutting back on production of big SUVs, on top of cuts announced earlier. As painful as it must be, it's more evidence that the Detroit 3 are sticking to their common-sense strategy of cutting production to match demand. The traditional...
Despite sharper collection practices that at least kept the number of delinquent accounts from growing, profits fell in the first quarter for the auto lending part of GMAC Financial Services -- another sign that the credit crisis is spilling over into the car industry. Like Ford Credit on April 24,...
The recently announced product sharing deal between Chrysler LLC and Nissan Motor Co. Ltd makes good common sense, in ways the former DaimlerChrysler merger never did. The deal calls for Chrysler to make a full-size pickup for Nissan. It will be a successor to the current...
AUBURN HILLS, Mich., July 15 /PRNewswire/ -- What: More than 250 volunteers from the Chrysler JeepR Superstores and Motor City Dodge Dealers, which consist of 74 dealers from the area; The Chrysler Foundation; the Sterling Heights Community Foundation; organizers from KaBOOM! and residents of the local community...
AUBURN HILLS, Mich., July 14 /PRNewswire/ -- The Chrysler Foundation announced today its donation of $50,000 to the Victory Junction Gang Camp to honor Richard Petty and his 50-year motorsports career in NASCAR as a driver and team owner. "No one has done more for the sport...
