Those 789 Chrysler, Dodge and Jeep dealers that were cut loose by Chrysler as a part of its bankruptcy and restructuring plan have until June 9th (next Tuesday) to part with their remaining inventory. Because of the dealership contract that they signed, dealers aren’t allowed to sell off the cars once the contract expires. And...
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Car sales for the month of May appear to show a certain level of recovery – at least for U.S. automakers Ford and General Motors. Ford posted a loss of 28.5 percent, its best result since July of 2008. As for GM, it declined “just” 29 percent marking its best monthly performance since September. In...
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As a part of Chrysler’s restructuring plan it has announced that Mopar will cease its sponsorship of the NuFormz Racing team and driver Samuel Hübinette. The writing has been on the wall for quite some time now as Chrysler has been seeking every area where it can cut costs. Additionally, a strong sign was when...
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According to the latest bankruptcy court filings by Chrysler, the company plans to cut 789 dealerships (one quarter of the current dealer network) in an effort to emerge as a financially viable company. The company sent out overnight letters to the dealerships that will be eliminated. As expected in bankruptcy, Chrysler will not buy-back the...
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Resale values on Chrysler products like this Dodge Challenger SRT8 went up in smoke after the company filed for bankruptcy. According to Automotive Leasing Guide, the resale value of a Chrysler vehicle dropped six percent in the week following the company’s Chapter 11 bankruptcy filing. In just seven days the uncertainty about Chrysler’s future crept...
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From start to finish, Chrysler’s bankruptcy proceedings could take as long as two years, according to a Bloomberg report. The article cites an administration official, and says that the initial period of 30 to 60 days for the “quick and surgical” process only refers to the period required to sell the major assets to a...
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The Fiat Panda is just one of several cars that will be sold in the U.S. under the Chrysler/Fiat alliance. It will most likely be badged as a Jeep. There has been plenty of speculation as to which Fiat vehicles will make it on to North American roads as a result of the merger with...
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Our team over at GMInsideNews is reporting that the judge overseeing the Chrysler bankruptcy proceedings has thrown out the arguments made by the hold-out bondholders. By removing the only objection to the process, the bankruptcy proceedings can now be fast-tracked and the Fiat merger can go ahead. During President Obama’s press conference last week, when...
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Before Chrysler filed for Chapter 11 late last week the automaker explored every option, including selling the company to the Chinese and forging partnerships with any other manufacturer that expressed even a remote amount of interest. In public bankruptcy filings, made at the U.S. Bankruptcy Court in New York, Chrysler’s co-president and vice-Chairman Tom LaSorda...
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Interesting times indeed. As the economy continues to lumber on, this economic shakeup is certainly changing things in the automotive industry. While in a bustling economy it may take decades for shifts to happen in an industry, it can take just a month in a recession. And so with every passing month the sales figures...
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Starting Monday, Chrysler will idle most of its plants as the company restructures under a Chapter 11 bankruptcy filing. This will include 8 U.S. assembly plants, as well as facilities in Canada and Mexico. Other pre-assembly facilities will also face temporary closure including five North American engine plants, six stamping plants and seven transmission plants....
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At a mid-day press conference President Barak Obama made the official announcement that Chrysler will in fact file for Chapter 11 bankruptcy protection. Included in the announcement was the news that Chrysler has also reached an agreement with Fiat. “I can report that the necessary steps have been taken to give one of America’s most...
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President Obama is expected to announce tomorrow that Chrysler will in fact file for bankruptcy; according to a report by Bloomberg. The Wall Street Journal, however, says that Obama currently has two speeches drafted for tomorrow’s press conference: one if the struggling automaker files for Chapter 11, and one if it doesn’t. The Chapter 11...
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Less than a day after the UAW, Chrysler and Fiat agreed upon the terms of a contract that would keep the struggling U.S. automaker afloat, details of the agreement have surfaced in which the union will take a controlling share in Chrysler. At first it seemed almost too good to be true that all...
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To celebrate Earth Day, Chrysler invited a select group of media to the Green Ride N Drive, (held during the SAE Show in Detroit today), to get behind the wheel of the Dodge Circuit EV. So in an act of automotive environmental irony that has to this day only been perpetrated on the planet by...
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Fiat is about ready to walk away from a potential partnership with Chrysler says CEO Sergio Marchionne unless the U.S. automaker can significantly cut labor costs. While the United Auto Workers union has made it known that it is willing to work with Fiat and Chrysler management, the Canadian Auto Workers union isn’t. “From what...
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Hyundai performed well above the industry average for March, which may be one of the main reasons by both Ford and GM have copied the Korean automaker’s job-loss protection incentive. (Photo Credit: Liberty Cars] Well, it ain’t getting any better. The recession continues to bully automakers as creditors continue to bang on their front doors...
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Chrysler Canada Headquarters in Windsor, Ontario While President Obama outlined his plan yesterday for General Motors and Chrysler, the Canadian government was forced into some more immediate action. Chrysler Canada, which is currently threatening to remove all of it’s manufacturing facilities from the country if the Canadian Auto Workers (CAW) union cannot make concessions, made...
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*** UPDATE *** Moments after Chrysler released an announcement that a partnership with Fiat was a done-deal, the American auto manufacturer released another statement with slightly revised wording stating that it had just a “framework” of a deal in place. *** UPDATE *** Hours after President Barak Obama gave Chrysler a deadline of 30 days...
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Just ahead of the Obama Administration’s press conference today, some of the most important details are already out. General Motors is to be given 60 more days to complete its restructuring plan, while Chrysler is being given just 30 days to finalize a partnership with Fiat. This news comes as both fumbling U.S. automakers are...
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According to the reliable folks over at GMInsideNews, on Monday the Obama Administration will announce a bankruptcy deadline for both General Motors and Chrysler. It has been rumored that the government will release more details about its aid for the U.S. auto industry on Monday, but now it appears the announcement will include this strong-arm...
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While Chrysler and Nissan will continue to work together on one project, the companies have said that they have put on hold any plans to build a small car for the North American market – essentially killing any hope that we might get a vehicle based on the Dodge Hornet concept. Plans to launch a...
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Chrysler’s big surprise at the Detroit Auto Show was the 200C EV Concept – a sleek and European-looking sedan filled with technological innovations. As a 268hp range-extended EV, the 200C Concept operates on battery power with a gasoline engine kicking-in once the lithium-ion batteries can no longer power the wheels. The interior may look like...
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Chrysler has just announced that starting this Friday (December 19th) it will cease production until January 19th – at the earliest. The month long “production pause” is not due to a lack of demand says Chrysler, which recently scheduled a meeting with dealers to assess the economic crisis. According to Chrysler dealers, 20 to 25...
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