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Chrysler LLC revealed a $515 million first-quarter 2008 loss, despite the fact that the privately held firm isn't required to discuss earnings. So what gives? Ex-lover Daimler spilled the beans Thursday, stating that its 20% stake in Chrysler lost about $105 million in value. The Detroit News did some quick math, multiplying Daimler's loss by five, and a Chrysler spokesperson eventually confirmed that the number was in the half-a-billon dollar neighborhood. More »
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Former chairman Lee Iacocca gave a closed pep rally to Chrysler employees yesterday in Auburn Hills, once again sharing the stage with a K-car, a minivan...and rumors of Chrysler's imminent bankruptcy. While current CEO Bob Nardelli was praising Iacocca as "Chrysler's most dynamic leader" and "a great American," Chrysler spokesman David Elshoff was telling reporters that rumblings about a forthcoming bankruptcy filing by the automaker were "without merit." Presumably addressing the present state of the industry, Iacocca said, "We'll live through it. Don't panic. Things are going to be OK." To fix the current management problems, Iacocca suggested outfitting Nardelli with wire wheel covers and a vinyl landau roof, then sending him back into the boardroom and hoping everyone would think he was a totally new CEO. More »
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As further evidence that Cerberus bit off far more than it expected with its purchase of Chrysler last fall, an internal memo revealed to the Free Press shows that the last few months have been even worse than Chrysler expected. In fact, June numbers are showing an industry-wide disaster looming, with total U.S. vehicle sales down 7 percent in April, 8 percent in May, and on pace to drop 20 percent in June to an annualized rate of only 12.5 million. The memo didn't specifically mention any additional cuts at Chrysler, but CEOs don't generally send e-mails warning of a looming industry crisis just before announcing across-the-board raises. More »
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Cerberus Capital Management is not second-guessing its 2007 purchase of Chrysler from Daimler, and the the business is "on track," Chrysler LLC CEO Robert Nardelli said Tuesday at a Wall Street Journal press conference. Nardelli has been facing speculation that Cerberus got in over its head with the Chrysler purchase, particularly in light of U.S. sales that are down 25.4 percent in May and 19.3 percent for the year to-date compared with the same period a year ago. We suspect Cerberus is speculating that Nardelli got in over his head when he took the top spot. More »
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Did you know that Bob Nardelli is a "car guy?" He is, baby. Of course, that didn't stop him from trotting out something that most legit car guys would rather drink used motor oil than sit through: the dreaded pie-in-the-sky biz-speak PowerPoint presentation. Post-breakfast, as a roomful of eyes slowly glazed, Nardellli walked the automotive press and assorted onlookers through Chrysler's plan to pursue "globality." It was the mighty New York Auto Show keynote, and we were there. More »
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Automakers are lining up behind the new Energy Bill that's working its way through congress. They've seen the writing on the wall and, all things considered, got a fairly good deal considering the prevailing sentiment regarding car emissions and foreign oil. Chrysler CEO Robert Nardelli congratulated Congress and pledged that the company would rise to meet the higher CAFE standards. Full statement below: More »
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Of all the facts in a New York Times More »
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