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Dear Stakeholders, Today, Chrysler LLC submitted its viability plan to U.S. Treasury Secretary Geithner in line with the government’s deadline. It gives detailed information on how we will achieve and sustain long-term viability. We believe our submission meets the terms of the federal loan demonstrating our viability as a stand-alone company, as well as the [...]
Treasury Secretary Timothy Geithner declared that the U.S. would spend up to $1 trillion to boost consumer credit, including car loans and inventory financing for dealers. Geithner noted that the approach of spending money to boost banks had not had the desired effects on the greater economy. The new effort is similar in principal to [...]
The automobile industry, hammered by slow sales and tight credit, will pass homebuilding as the most distressed industry in the United States next year. The still-suffering housing industry, the winner for 2008, is seen as falling to third, after autos and the retail sector, according to an early December survey of the213-member Turnaround Management Association. [...]
Proving the meltdown in the auto industry knows no bounds, Standard & Poor’s has lowered Toyota’s credit rating outlook. While the automaker’s AAA rating (the highest investment grade) was affirmed, S&P’s action signals a downgrade is more likely that it was. S&P says Toyota is also subject to the worldwide decline in vehicle sales and [...]