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,”

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Cerberus to give up stake in Chrysler

The Wall Street Journal cites “persons familiar with the matter” as saying Cerberus Capital Management will give up its 80.1 percent stake in Chrysler LLC as part of the government-mandated restructuring of the troubled automaker.

Cerberus will retain its controlling interest in Chrysler Financial.

Note: this appears to be a re-run of a story posted in December 2008.

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Obama’s actual statements

In their rush to send out key details of Obama’s auto plan, many journalists ignored important information. This is the full text; other documents are available from the White House.

One of the challenges we have confronted from the beginning of this administration is what to do about the state of our struggling auto industry. In recent months, my Auto Task Force has been reviewing requests by General Motors and Chrysler for additional government assistance as well as plans developed by each of these companies to restructure,

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Dodge Challenger SE Rallye debuts

The Challenger SE Rallye (pictured above, alongside a blue R/T model) provides the V6-powered Challenger SE with a five-speed automatic transmission and new exterior trim, starting at $26,490 (including $725 destination). The new model hits 25 mpg highway, using the same transmission as the Challenger R/T; it has 18 inch wheels, a spoiler, and chromed fuel door outside, and faux carbon fiber accents inside. It is the first V6 Challenger to have accented dual stripes,

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Feds want Fiat to take smaller stake in Chrysler

The Presidential auto task force is recommending Fiat take a smaller initial share of Chrysler, perhaps a little as 20 percent, far less  than the 35 percent originally proposed. In addition, Fiat would not be able to assume a majority position in the U.S. automaker until all federal loans had been repaid.

Fiat would be able to increase its share to the original 35 percent over time as technology is transferred to Chrysler.

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Chrysler Viability Assessment

Determination of Viability Summary March 30, 2009
Chrysler, LLC

Chrysler February 17 Plan
Viability Determination Summary

The Loan and Security Agreement of December 31, 2008 between Chrysler, LLC and the United States Department of the Treasury (“LSA”) laid out various conditions that needed to be met by March 31, including the approval of Labor Modifications, VEBA Modifications, and the commencement of a Debt Exchange (all as defined in the LSA).

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Chrysler, Fiat boards okay alliance

The boards of Chrysler LLC and Fiat SpA have given their executives the green light to proceed with the proposed alliance between the two automakers. The fate of the deal now depends on the actions of the Obama Administration’s auto task force. Fiat CEO Sergio Marchionne has already said the final form of the alliance could change based on the conditions the federal government puts on the loans Chrysler is hoping to obtain.

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