Chrysler February incentives hit record

Chrysler February incentives hit record

Edmunds.com estimates Chrysler spent an average of $5,556 on incentives last month, a new record for the automaker. That figure represents a $2,046 increase over last February and a $1,265 jump from January 2009. It’s also about $2,000 more than the amounts spent by Ford and General Motors.

The highest incentives were offered on Chrysler brand vehicles, followed by those on Dodge cars and trucks.

Edmunds says the average U.S.

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Corker says Chrysler BK would boost GM

Corker says Chrysler BK would boost GM

Republican Senator Bob Corker, who has become an adamant foe of government aid to American automakers in spite of the fact his home state gave $577 million to Volkswagen to build a plant in Chattanooga, says a bankruptcy filing by Chrysler LLC would be helpful to General Motors.

In an interview with Dow Jones Newswire, Corker said, “With Chrysler gone, the break-even for GM is even lower –

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Fiat in junk status

Fiat in junk status

Automotive News just reported that Moody’s Investors Service has cut Fiat SpA’s long-term rating to Ba1, the first level of “junk” status, as a result of negative cash flow, debt, and a weak automotive market.

Moody’s put on a negative outlook, indicating that they could downgrade it again within two years. While Moody’s noted Fiat’s more diversified businesses and respected products, it also expects auto demand to fall by 20% in the first quarter of 2009,

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Chrysler quality improving

Chrysler quality improving

Long-plagued by quality problems, both real and perceived, Chrysler is taking big steps to bring its reputation for fit, finish and reliability up to the standards of the leading imports.

Doug Betts, an engineer whose background includes stints at Toyota and Nissan, came to Chrysler in October 2007 to oversee product quality and his work is beginning to pay off.

Betts organized Chrysler’s quality control people into 18 cross-functional teams of about eight members.

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Chrysler plan: detailed look

A first look at the 167-page public Chrysler statement shows three plans being considered: “stand alone,” Fiat partnership, and “orderly wind down.” The plan declared that “Chrysler can be viable on a standalone basis in the short/mid term” assuming that current debt is reduced, concessions are obtained from all constituents, and the government and DOE put $11 billion more into the pot – and that the annual domestic sales rate stays at or above 10 million units (though in the same scenario they point out that anything over 9.1 million may allow for survival.)

The strategic partnership with Fiat is seen as creating more jobs in the first five years,

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The Chrysler recovery plan

The Chrysler recovery plan

Chrysler LLC today submitted its viability plan to the U.S. Treasury Department, outlining the Company’s plans to enhance its products; complete its restructuring, and achieve concessions from stakeholders. The plan is required to be finalized by March 31. The detailed version is available on the Chrysler media site, and will be summarized at Allpar.

Chrysler LLC Chairman and CEO Robert L. Nardelli said, “We believe that Chrysler LLC will be viable based on the updated assumptions contained in this submission,

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Klegon: No more job cuts

Klegon: No more job cuts

Frank Klegon, Chrysler’s executive vice president for product development, says the company is not including additional workforce reductions in the viability plan to be submitted to the federal government next Tuesday.

Klegon’s comments came after the announcement of General Motors’ plan to trim an additional 10,000 people from its payroll. Klegon noted Chrysler had a major reduction in force last November when about 25 percent of its salaried employees were let go.

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