Fiat’s Chrysler stake would grow as benchmarks met

Fiat SpA would expand its ownership of Chrysler from an initial 20 percent to as much as 35 percent as certain key goals are met. While Fiat cannot have a majority of Chrysler until government loans are repaid, the shares would make Fiat the largest stakeholder in the Detroit automaker.

According to sources familiar with the negotiations between the two automakers, the incremental growth in Fiat’s piece of the pie would happen as follows:

1.

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Moody’s says Chrysler at greatest risk of bankruptcy

Moody’s Investor Services, the same company that gave packages of sub-prime mortgages Triple-A ratings, says Chrysler is at greatest risk of filing for protection under bankruptcy laws.

The ratings agency says Chrysler will find it more challenging to prove its viability than will General Motors, which is also rated at high risk of bankruptcy. Both companies are rated as having a 70 percent likelihood of having to turn to the courts for protection.

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Canadian plants reopen

Chrysler’s Windsor minivan plant and its Brampton car plant in Ontario are both operating today, following a parts shortage that caused a temporary closure starting on April 1 and April 2 respectively. The plants, together, employ around 8,000 people. 

A provincial court ordered supplier Transcast Precision to provide Chrysler with any parts already made as well as its tooling for engine and transmission brackets;

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PROC facility to be emptied

 

Today, Chrysler announced that it had transferred about 450 employees from the Plymouth Road Office Complex to Auburn Hills. The remaining Jeep/Truck designers at the facility will move in the summer. 

In November 2008, Allpar ran a story that prematurely stated the facility was to close (and ran a correction shortly afterwards.)

The picturesque complex in an unsavory section of Detroit has multiple buildings,

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Ram wins Ward’s award

 

The 2009 Dodge Ram won Ward’s“2009 Interior of the Year” award in the popular-priced truck category. The Ram has won 15 awards since its introduction last fall.

Tom Murphy, executive editor of Ward’s AutoWorld magazine, wrote, “The editors find the Dodge Ram’s new interior extremely comfortable and well-conceived. The saddle stitching on the seats and instrument panel make a wonderful styling statement,

Read the full story: Ram wins Ward’s award  »


Chrysler’s March U.S. sales break 100K (down 39%)

Chrysler today reported March U.S. total sales of 101,001 units, which is the first time since Sept. 2008 that the Company has surpassed 100,000 units, albeit at a a 39% decrease versus 2008. Retail market share stayed steady, at an estimated 10.0% versus 9.9% in March 2008. Total March sales include a fleet reduction of 44% year-over-year for the same period.

“The market is starting to show small signs of life which need to be nourished like seedlings,”

Read the full story: Chrysler’s March U.S. sales break 100K (down 39%)  »



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