Contentious Campi Chrysler career cancelled

Contentious Campi Chrysler career cancelled

John Campi, the Chrysler purchasing chief imported from Home Depot (which gave him a multi-million dollar severance package), left Chrysler today, citing health reasons. He was immediately replaced by 44-year old Scott Garberding, who joined Chrysler in 1996, prior to the Daimler takeover. Garberding had been vice president of global alliance operations.

Some sources familiar with Chrysler had said that Campi was aggressive with suppliers, and enthusiastic about switching to Chinese suppliers,

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Bailout dies in Senate

Bailout dies in Senate

The legislation that would have provided immediate loans to Chrysler and General Motors was killed in the Senate according to Majority Leader Harry Reid.

“We have not been able to get this over the finish line,” Reid said late Thursday, adding that he dreads what will happen on Wall Street tomorrow. “It’s not going to be a pretty sight.”

Reid also commented the failure will mean many Americans will have “a very,

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Republican Senators demand massive wage cuts, bond losses

Republican Senators demand massive wage cuts, bond losses

Republican Senators, largely from the Southeast, have lined up behind Senator Corker’s proposal to allow a government insurance agency to be created to back 50% of $14 billion in loans to be made by private banks, provided they slash UAW salaries to those of nonunion factories, and that creditors agree to lose 70% of the amount they loaned to GM, Ford, and Chrysler. 

Direct labor costs appear to account for less than 10% of a vehicle’s costs,

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Chrysler ends talks with Chery

Chrysler ends talks with Chery

According to the Wall Street Journal, Chrysler won’t be getting a small car from Chinese manufacturer Chery Automotive Co. Due to the stumbling global economy the Detroit automaker says it has ended talks of cooperation between the two companies.

The news came in a statement issued to the WSJ on Monday.

In the statement, Chrysler said, “Both companies have since gone thought major internal changes and evolution,

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Numbers show Chrysler can stand alone as an automaker

Numbers show Chrysler can stand alone as an automaker

Bob Corker, a Republican Senator from Tennessee which is home to a growing number of automotive facilities, echoed a statement made by a number of pundits and analysts about Chrysler. In hearings on Capitol Hill, Senator Corker said: “There’s no future for the company as a stand-alone.”

Perhaps Senator Corker and the talking heads haven’t looked at the numbers that Chrysler has racked up in spite of one of the worst sales years in recent memory.

Read the full story: Numbers show Chrysler can stand alone as an automaker  »


Suppliers say Chrysler in “chaos” after recent job cuts

Suppliers say Chrysler in “chaos” after recent job cuts

The vacuum created when 5,000 white-collar workers left Chrysler last week has created “chaos” within the company, according to a report from Dow Jones News Service. Job cuts long ago eliminated any fat in the organization and the company has been trimming muscle for months. Citing three people familiar with Chrysler’s supply chain, Dow Jones says the automaker is facing challenges in running its day-to-day business.

This has created serious concern among Chrysler’s part suppliers,

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Nardelli: No more money from Cerberus

Nardelli: No more money from Cerberus

Chrysler CEO Bob Nardelli told members of Congress that Cerberus Capital Management had turned him down when he requested more funding. The statement came on Friday as Nardelli testified during hearings on the proposed bailout for the Detroit automakers.

Legislators have been especially critical of any assistance for privately held Chrysler, which is looking for $7 billion in loans and another $4 billion to $5 billion for Chrysler Financial to ease its liquidity crisis.

Read the full story: Nardelli: No more money from Cerberus  »



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