Senator pulls a Corker

Senator pulls a Corker

U.S. Senator Bob Corker from Tennessee (which just gave Volkswagen enough money to agree to build a $1 billion car factory in the state) declared that General Motors was 98% certain to go into bankruptcy after getting Federal loans, that the United States could not possibly support three car companies, and that Cerberus would not invest a single additional dollar into Chrysler in a long, rambling rant. He also declared that his state’s citizens could not understand how automakers could bring in such huge salaries and lavish benefits.

Read the full story: Senator pulls a Corker  »


Chrysler reorganizes product development, makes management changes

Chrysler reorganizes product development, makes management changes

Chrysler has consolidated five of its product teams, Jeep, truck, car and minivan, Project D, and street and racing technology, into three teams. With the consolidation, the following management changes were made:

Scott Kunselman, previously vice president of the Truck Product Team, was named vice president of the Jeep/truck product team.

Daniel Knott, who was vice president of the Jeep product team, will be the vice president of the new Car/minivan/SRT product team.

Read the full story: Chrysler reorganizes product development, makes management changes  »


UAW okays suspension of jobs bank

UAW okays suspension of jobs bank

United Auto Workers President Ron Gettelfinger announced the union will agree to suspend the Jobs Bank program and will allow Chrysler, Ford and General Motors to delay their payments to the Voluntary Employee Beneficiary Association (VEBA) that is due to assumer responsibility for retiree health care in 2010. The announcement came following an emergency meeting between Gettelfinger and the presidents and chairmen from the locals representing the Detroit automakers.

Both actions were taken to help the Detroit automakers through their cash crisis.

Read the full story: UAW okays suspension of jobs bank  »


Chrysler posts plan for Congress

Chrysler posts plan for Congress

From Chrysler’s own summary of its recovery plan (full text of the 2008 Chrysler recovery plan):

The first question is, what changes has Chrysler made to help itself? Since Chrysler became an independent company in 2007:

o We eliminated over 1.2 million units of capacity, or 30 percent;
o We reduced fixed costs by $2.4 billion and, separated over 32,000 employees –

Read the full story: Chrysler posts plan for Congress  »


Chrysler sales down 47% (with chart)

Chrysler sales down 47% (with chart)

Chrysler today reported total November 2008 U.S. sales of 85,260 units, down 10% versus October 2008 (94,530 units), and down 47% from the same month last year. Fleet sales decreased 63% versus last November, as planned, and retail sales were in line with the retail industry (down 36%).

“2008 will go down as unlike any other year in the industry, and thus, comparisons to 2007 sales have become irrelevant,” said Jim Press,

Read the full story: Chrysler sales down 47% (with chart)  »


CEOs agree to salary cuts; UAW to reopen contracts

CEOs agree to salary cuts; UAW to reopen contracts

The CEOs of Ford and General Motors have joined Chrysler’s Bob Nardelli in agreeing to take a $1 per year salary until proposed Federal loans have been paid off. The two CEOs had told Congress that salary cuts would be counterproductive.

The concession mimics one made by Lee Iacocca, reportedly at the request of the Carter administration, which placed many demands on Chrysler before backing loans in the 1970s;

Read the full story: CEOs agree to salary cuts; UAW to reopen contracts  »


Chrysler announces management changes

Chrysler announces management changes

Frank Ewasyshyn, Chrysler’s Executive V-P of Manufacturing, announced the following executive appointments, effective immediately:

Byron Green was named to the new post of Vice President-Vehicle Assembly. He will have responsibility for manufacturing operations at all vehicle assembly plants. Green, who is currently Vice President-Jeep and Truck Vehicle Assembly, will add the duties of Fred Goedtel Jr.’s job as Vice President-Car and Minivan Vehicle Assembly. Goedtel is relinquishing that post to replace Richard Chow-Wah as appointed Vice President-Powertrain Operations with responsibility for all operations at the company’s transmission,

Read the full story: Chrysler announces management changes  »


Fur flies between Cerberus, Daimler

Fur flies between Cerberus, Daimler

A day after Daimler claimed that Cerberus was making “exaggerated demands” for the remaining 19.9% of Chrysler, Cerberus accused Daimler AG of “intentionally and materially” misleading Cerberus during the 2007 buyout; and claimed that Daimler broke its contractual obligations, misrepresenting changes in underwriting for financing and leases.

Cerberus issued a statement alleging that Daimler has “refused to recognize the gravity of the claims relating to its deliberate conduct that resulted in the impairment of Chrysler’s business.”

Read the full story: Fur flies between Cerberus, Daimler  »



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