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09 Jan 2012 11:18

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Biz: Auto industry recovery: Detroit Auto Show reflects a reversal of fortunes

  • 4-9% expected increase in U.S. auto sales in 2012 source
  • » Pulling out the big guns: This week’s Detroit Auto Show is a giant coming-out party for an auto industry that was struggling to keep the engine running just a couple of years ago. But, while those times are certainly not gone entirely, they’ve certainly improved in recent years, which reflects in the boldness of this year’s models. In fact Chrysler, the weakest of the the three auto companies, is actually looking like a bright spot for Fiat, whose Chief Executive, Sergio Marchionne, invested in the company at its weakest point. “He entered Chrysler at rock bottom and will now capitalize on a U.S. recovery — the timing was perfect,” said automotive analyst Philippe Barrier. But maybe you’re like us and you don’t care about the specifics of the recovery and just want to see cool new cars. Well, the Detroit Free Press has you covered.
Posted by Ernie Smith • 0 Comments • Permalink

10 Jan 2011 21:21

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Biz: Auto bailouts: Chrysler on the comeback trail, slowly but surely

  • I haven’t gotten any questions yet today like, ‘Will you be here next year?’
  • Chrysler chief executive Sergio Marchionne • On the company’s slow bounceback. Chrysler hasn’t had the dramatic turnaround that Ford and GM have had since the nadir of the financial crisis, but they appear to be making headway with a new generation of vehicles – particularly the newest Jeep Grand Cherokee, which has done well despite the fact that SUVs have fallen out of fashion lately. The company’s collaboration with Fiat has also helped buoy Chrysler. So, how about paying back those loans from the bailout and other sources? “We are going to repay one hundred cents on every dollar of loans we received,” Marchionne said. source
Posted by Ernie Smith • 0 Comments • Permalink

14 Aug 2010 12:13

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Biz: The Detroit auto industry not looking so dire nowadays

  • Fundamentally this thing has been reshaped, resized and rethought. … We’re not trying to kill each other for this month’s market share. Those days are over. We’re not offering $7,000 checks to try to sell a car.
  • Chrysler (and Fiat!) CEO Sergio Marchionne • Discussing the major changes the Detroit auto companies have made in their business models in the wake of the whole bailout situation from a year or two ago. GM was on dire straits. Ford was skating by. It didn’t even look like Chrysler was going to make it. This has largely changed. Profits are back for the companies. They have slimmer product lines and payrolls. And their CEOs – especially GM’s new one – are outsiders to Detroit. Don’t call it a … OK, call it a comeback. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Jun 2010 11:15

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Biz: Chrysler blames faulty brakes, wiring for Jeep and minivan recalls

  • 575,000vehicles recalled by Chrysler source
Posted by Ernie Smith • 0 Comments • Permalink

21 Apr 2010 10:16

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Biz: Chrysler: Big losses, bright spots since exiting bankruptcy

  • $4
    billion     the amount Chrysler has lost
    since exiting bankruptcy; they’ve turned a corner though
  • $143
    million     the company’s operating profit
    this quarter, due to all the cuts
    they’ve made source
Posted by Ernie Smith • 0 Comments • Permalink

01 Apr 2010 23:05

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Biz: Toyota’s way of dealing with heavy recalls? Big incentives!

  • 24% increase in total U.S. auto sales in March, led by Toyota’s rebound
  • 41% increase in Toyota’s sales after two months of recall-hurt sales
  • 8% decrease in Chrysler’s dismal sales from a year earlier source
Posted by Ernie Smith • 0 Comments • Permalink

18 Mar 2010 22:28

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Tech: Jerry York: Who is that guy honored on Apple’s front page?

  • Seems like he’s considered a legend at Apple. Jerome York, a member of Apple’s Board of Directors, died today. It was important enough to knock the iPad off the company’s front page. The venture capitalist and former CFO of Chrysler got his start in the auto industry before moving to computers. At one point he was CEO of Micro Warehouse, a now-bankrupt computer company. We wish Apple the best in this tough time. source
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17 Aug 2009 10:44

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Biz, U.S.: Obama’s pay czar will take back executive pay if he has to

  • Whether I have jurisdiction to decide his compensation or not, we will take a look and decide over the next few weeks.
  • Obama pay czar Kenneth Feinberg • On what he’s considering doing to companies that have been slow to pay back money from the TARP program. Those companies include some of the government’s favorite targets: Citi, AIG, Bank of America, Chrysler Financial, Chrysler, General Motors and GMAC. Basically, two of the country’s biggest banks and the two auto companies that we bailed out. • source
Posted by Ernie Smith • 0 Comments • Permalink

28 Jul 2009 10:52

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Biz, U.S.: The history of the auto industry, lost with the bankruptcies?

  • Chrysler’s already scattered their archives. Much of the history of GM and Chrysler is well-embedded into American history. Which is why it’s a damn shame that one of Chrysler’s pre-bankruptcy owners, Cerberus, decided to close off the engineering library at the Chrysler Technical Center. They later gave large chunks of it away to whomever. The Truth About Cars’ Bob Elton makes an impassioned plea for auto companies to remember their history – the good and bad – and keep that information safe and available to the public. Especially in the wake of the fact that, you know, the American public owns huge chunks of it now. source
Posted by Ernie Smith • 0 Comments • Permalink

10 Jun 2009 10:41

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Biz: Legal issues pushed aside, Chrysler and Fiat tie the knot

  • Last night, the Supreme Court pushed the biggest obstacle out of the way for the merger of the century … well, until GM has to do something similar. source
  • This morning, Fiat officially owns 20% of Chrysler, a share that could go up to 35% if it goes well. The UAW owns the biggest share, however, at 55%. source
  • Fiat CEO Sergio Marchionne sounds upbeat about the sale: “This is a very significant day … for the global automotive industry as a whole,” he said. source
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