Chrysler

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Chrysler Loss Deepened After Daimler Split

Filing shows a $2.9B loss in Aug.-Sept. '07, big bonus to CEO

(Newser) - Chrysler lost nearly $2.9 billion in a 2-month period last fall, after its split from Daimler, a filing by the German company shows. The filing by Daimler, which retains 19.9% of the automaker, offers a rare look at how costly the company's reorganization effort has been since it...

Soured Deals Dog Brash Cerberus
Soured Deals Dog Brash Cerberus

Soured Deals Dog Brash Cerberus

Chrysler, GMAC struggles point to problems for private equity giant

(Newser) - The continued struggles of Chrysler and GMAC—two of Cerberus Capital Management’s largest and most recognized purchases—have observers wondering if the private equity darling has lost its Midas touch, reports Reuters. S&P has downgraded GMAC’s credit rating, Chrysler's January sales slipped 12% even as the company...

Auto Worker Powerhouse Doug Fraser Dead at 91

Ex union boss helped save Chrysler from ruin

(Newser) - Former United Auto Workers president Doug Fraser, who played a vital role in saving Chrysler from bankruptcy, died yesterday at age 91. The cause of death was unknown, but Fraser had been suffering from emphysema, the Detroit Free Press reports. As UAW president during the ’70s and ’80s,...

Chrysler to Cut 30% of Models
Chrysler to Cut 30% of Models

Chrysler to Cut 30% of Models

Will also slash network of dealers

(Newser) - Chrysler plans to cull its Chrysler, Jeep and Dodge brands by at least a third, and drastically reduce the network of 3,600 dealers selling its vehicles to reduce costs, reports the Wall Street Journal. Chrysler dropped three models last year, leaving it with about 30 product lines. The company...

EPA Chief Ignored Staff on Calif. Ruling

Auto industry pushed White House to sway him, sources say

(Newser) - The EPA chief—under heavy pressure from the auto industry—rejected his own staff's advice in denying California’s request to set its own fuel economy standards, the Los Angeles Times reports. Stephen Johnson told the state that it’s request was unnecessary in the wake of the new energy...

Chrysler Faces Cash Crunch
Chrysler Faces Cash Crunch

Chrysler Faces Cash Crunch

Struggling automaker looks to sell assets to raise cash in a hurry

(Newser) - With an auto industry novice as CEO, a product line trailing the rest of the industry, and an inadequate cost-cutting strategy, Chrysler is scrambling to sell assets to climb out of a deep financial hole. Four months after Cerberus Capital Management took the automaker private, the Wall Street Journal finds...

Chrysler CEO Predicts $1.6B Loss This Year

Automaker faces second straight year in the red

(Newser) - Chrysler will be screeching toward a second consecutive year in the red, sources told the Wall Street Journal, as the automaker will lose $1.6 billion. CEO Robert Nardelli told designers and engineers this week that while the beleaguered automaker’s revenue was about $63 billion, costs exceeded $64 billion....

Nov. Sales Languish for Big 3
Nov. Sales Languish for Big 3

Nov. Sales Languish for Big 3

Ford and GM announce production cuts as US sales slump continues

(Newser) - Ford and GM will join Chrysler in cutting production in early 2008, reports the Wall Street Journal today, following sluggish November sales and anticipated weak demand driven by continued economic fallout. Only Ford saw a modest 0.6% improvement in US sales last month, while GM sales were down 11%...

Analysts See Steep Sales Slide for Big 3 in '08

(Newser) - Automakers are predicting a mildly soft sales year for 2008, but analysts warn a “poverty effect” caused by an imploding housing market could send US light auto sales skidding as much as 9.4% to their worst year since 1993, Reuters reports. “I’m just not sure how...

Chrysler Plan Cuts Dealers, Overlapping Models

To return to profitability, car maker may restructure its vehicle and dealer lineup

(Newser) - Clued-in dealers say Chrysler is considering a restructuring plan to simplify its lineup: Chrysler dealers would sell all the company’s passenger cars, Jeep dealers would carry only Jeeps and SUVs, and Dodge dealers would handle commercial trucks and pickups. The reorganization would allow Chrysler to eliminate overlapping models and...

Ford Workers Ratify Pact With UAW
Ford Workers Ratify Pact
With UAW

Ford Workers Ratify Pact With UAW

All three big automakers have now finalized deals

(Newser) - UAW workers at Ford overwhelmingly approved a four-year contract today that shifts responsibility for some retiree health benefits to the union, the Detroit Free Press reports. The agreement also allows Ford to hire new employees for lower wages and fewer benefits. The contract approval follows similar deals at GM and...

Jobs Get Surprise October Bump
Jobs Get Surprise October Bump

Jobs Get Surprise October Bump

Good news is new reason for Fed to hold interest rates

(Newser) - Job growth in October was unexpectedly robust, with the addition of 166,000 jobs doubling projections and easing recession fears. Analysts had predicted an increase of only 85,000 jobs; one economist said the surprise figure “will increase the Fed's conviction that it should keep rates unchanged” for months...

Chrysler to Lay Off 12,000
Chrysler to Lay Off 12,000

Chrysler to Lay Off 12,000

Company will cut jobs, vehicles to adjust to failing auto market

(Newser) - Chrysler today announced plans to cut up to 12,100 jobs, about 14% of its workforce, on top of the 13,000 layoffs announced in February. With the US auto market tumbling—sales are on pace for their worst year since 1998—Chrysler’s new owners, private equity firm Cerberus...

UAW Ratifies Chrysler Contract
UAW Ratifies Chrysler Contract

UAW Ratifies Chrysler Contract

Workers approve deal by narrow majority

(Newser) - The UAW said today that its employees had approved a four-year contract with Chrysler by the thinnest of margins, the Wall Street Journal reports. The union said 56% of production workers and 51% of skilled trade workers voted in favor of the deal, despite significant dissent among workers. The UAW...

UAW Shifts to Hard-Up Ford
UAW Shifts to Hard-Up Ford

UAW Shifts to Hard-Up Ford

As Chrysler ratification nears, toughest talks yet to come

(Newser) - With the United Auto Workers close to ratifying their contract with Chrysler, the union is shifting focus to hammering out a deal with Ford. Negotiations with Ford may prove the toughest of all because Ford is the domestic car maker most in need of cuts, reports the Wall Street Journal....

OK on Chrysler Pact ThisClose
OK on Chrysler Pact ThisClose

OK on Chrysler Pact ThisClose

Workers at four plants vote yes, tipping the scales

(Newser) - Auto workers at four Chrysler plants voted by significant margins to approve a new labor contract yesterday, increasing the likelihood of final ratification by the company's 45,000 workers, despite rejection at several plants. The last vote, at a small-car plant in Illinois that employs 3,000 workers, is scheduled...

More UAW Locals Nix Chrysler Deal
More UAW Locals Nix Chrysler Deal

More UAW Locals Nix Chrysler Deal

Four Indiana plants join six others in voting down proposed contract

(Newser) - UAW workers at four Chrysler plants in Indiana last night rejected the embattled contract negotiated by their leaders with the automaker, adding to the six defeats by rank-and-file voters over the weekend. Some smaller locals have approved the contract, says anti-contract organizer Bill Parker, but the larger ones are rejecting...

Chrysler Deal Faces More Rejections
Chrysler Deal Faces More Rejections

Chrysler Deal Faces More Rejections

After 6 locals vote down proposed contract, UAW steps up lobbying

(Newser) - UAW members at three auto plants rejected the proposed pact between Chrysler and their union this weekend, bringing to six the number of locals who have voted down the deal, the Wall Street Journal reports.  In a last-ditch effort to salvage the agreement, union leaders are focusing lobbying efforts...

Rocky Road for Chrysler Deal
Rocky Road for Chrysler Deal

Rocky Road for Chrysler Deal

3 UAW locals vote down offer that would 'lower our standard of living'

(Newser) - Three UAW locals voted against the new Chrysler deal yesterday, stirring fears that the agreement may be scuttled. Two plants voted against it by 53%, and a third, in Missouri, by 66% among skilled trades and 79% among assembly line workers. They slammed a proposed 2-level pay structure and new...

Struggle to Ratify Chrysler Deal
Struggle to Ratify Chrysler Deal

Struggle to Ratify Chrysler Deal

Some local UAW leaders unhappy with new contract

(Newser) - The proposed contract between Chrysler and the United Auto Workers has caused some division within the union and may not be ratified as quickly  as the deal with General  Motors, reports the Detroit Free Press. The council of local leaders who voted to approve it yesterday in Detroit were not...

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