ˆ Chrysler plan to Congress requires $7 billion in loans to ward off death

tags : breaking , chrysler , chrysler bailout , chrysler congress , chrysler federal loans , chrysler government loans , chrysler loans , chrysler plan to congress , chryslerbailout , chryslercongress , chryslerfederalloans , chryslergovernmentloans , chryslerloans , chryslerplantocongress

We've already seen GM and Ford issue their pleas for government loans, and now it's Chrysler's turn. The only privately-owned automaker of the three released a 13-page document outlining the aid it seeks from the Feds and how it plans on spending our hard-earned cash. If you want to read the full text, it's available after the jump. But the condensed version follows.

Chrysler is requesting a $7 billion "secured working capital bridge loan" by December 31st, citing the collapse of the light-duty vehicle market, the U.S. financial crisis and the global downturn in the economy as reasons it needs cash. It estimates by the end of the year it will only have $2.5 billion in working capital in the bank and that's not enough to keep the lights on through January.
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posted : 12/3/2008 @9:50:16 PM

ˆ Chrysler closing Newark plant early, cutting shift in Toledo

tags : chrysler plant closings , chryslerplantclosings , newark assembly plant , newarkassemblyplant , toledo north , toledo north assembly , toledo north assembly plant , toledo north plant , toledonorth , toledonorthassembly , toledonorthassemblyplant , toledonorthplant

Chrysler LLC has just announced two measures to help the privately-owned automaker scale back production to meet lower demand in the marketplace. The first is to move up the closure of its Newark Assembly Plant, which builds the Dodge Durango and Chrysler Aspen, from late 2009 to December 31, 2008. The second is to eliminate one of two shifts at the Toledo North Assembly plant that builds the Dodge Nitro and Jeep Liberty, also effective December 31. Chrysler says the Newark plant employs 1,000 workers, while 825 will be affected by the shift reduction in Toledo. According to The Detroit News, those 1,825 workers out of a job represent about 6% of Chrysler's hourly-workforce. These moves will also likely spell the end for the Durango and Aspen SUVs, as Newark is the only plant producing them and has been scaled back to one shift since July 2006.

posted : 10/27/2008 @4:19:26 PM

ˆ Chrysler's Jim Press talks brand strategy at WAJ this week

tags : chrysler , chrysler plan , chryslerplan , dodge , jeep , jim press , jimpress , western automotive journalists , westernautomotivejournalists

Chrysler has unveiled a few plans for the future and, rather than using past successes to carve the path, will adapt its course according to the changing market. While speaking at the recent Western Automotive Journalists' dinner, Chrysler President Jim Press touched on the need to generate brand identity amongst Jeep, Dodge and Chrysler. While each brand currently has a core theme, Jeep – off-road, Dodge – volume and performance, Chrysler – affordable luxury, there have been many recent deviations, such as the conglomeration that is the Jeep Compass. Press hopes to put an end to that trend and focus the company's aim at the automotive enthusiast. Toyota can keep the automotive appliance title, Press wants Chrysler to appeal to drivers rather than consumers. Nevertheless, actions speak louder than words and Press backs up his claims through the current curtailing of vehicle production and the scheduled release of seven new vehicles come 2010. Like other manufacturers, Chrysler is aggressively pursuing alternative powertrain configurations, particularly electric drive. In case no one has noticed yet, 2010 will be a big year for the American automotive industry. It will be the point when the roller coaster ride reaches its end and some folks end up with motion sickness while others get a rush of adrenaline. Hopefully Chrysler can find themselves in the latter category.

posted : 9/16/2008 @6:54:28 AM

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