With news of a tentative deal to sell off Hummer coming yesterday, GM still hasn’t made any decisions about its Saturn or Saab brands – but apparently it has plenty of offers to entertain. GM CFO Ray Young said that Saturn has as many as 16 suitors, while the Swedish Saab brand has three. The...
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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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Apparently General Motors CEO Fritz Henderson thinks the upcoming Saab 9-5 is so good, he doesn’t want to sell the Swedish automaker. In an interview in Sweden’s Expressen magazine he declares that he’d rather see Saab fail in bankruptcy court than sell off the brand. The magazine cites an unnamed source within Saab, who says...
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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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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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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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Only yesterday it seemed as though Italian car maker Fiat was likely to purchase GM’s European Opel brand, but now a new player has emerged. Magna International, the Austrian-Canadian parts supplier to OEMs like Chrysler, Ford and Mercedes has “announced” plans to purchase a controlling share in Opel. The news didn’t come from Magna, however,...
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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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The Canadian Auto Workers union, after burning the letter written by Chrysler CEO Bob Nardelli and joint-president Tom Lasorda, has now responded with its own statement. CAW president Ken Lewenza denies that a $19 labor gap exists between Canadian and U.S. workers and refuses to re-negotiate a contract that has already been re-neogotiated. Lewenza calls the...
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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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*** 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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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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In recent months we have heard about a Chrysler merger with General Motors and then a possible merger with Nissan/Renault – now the struggling automaker has apparently entered into talks with FIAT. As General Motors and Ford begin to source their European operations for small fuel-efficient vehicles Chrysler is facing being shut out of the...
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