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Gettelfinger: Chrysler, GM may not need additional loans
Tue, 01/06/2009 - 19:17United Auto Workers union president Ron Gettelfinger says Chrysler and GM may not need additional federal funds beyond the $17.4 billion already approved. In an exclusive interview at the UAW’s Solidarity House, the union leader told Automotive News that sales in 2009 will determine whether more money will be needed to keep the automakers solvent. Gettelfinger is hopeful the [...]
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December closes dismal sales year
Tue, 01/06/2009 - 08:07Light vehicle sales last month inspired all sorts of comparisons; nearly all of which were bad. Sales at General Motors and Ford, although better than some of the predictions, came in at levels not seen in nearly four decades. Industry-wide sales rates rivaled those last seen in the early 1980s. As the year rolled on, sales [...]
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SAAR up slightly in December
Mon, 01/05/2009 - 16:28Based on preliminary data, December’s seasonally adjusted annual rate (SAAR) came in at 10.32 million light vehicles. This beats the 10.18 million figure recorded in November and marks the first increase in the SAAR in 2008. However, it is still a decline of over five million units from December 2007’s SAAR of 16 million. The SAAR [...]
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Credit union plan now in 50 states
Mon, 01/05/2009 - 16:11Automotive News reported that Chrysler LLC will expand its cooperation with credit unions to all 50 states tomorrow, greatly increasing the ability of buyers to get credit. The “Invest in America” program gives participating credit union members added rebates of $500 to $1,000 on most Chrysler, Dodge and Jeep vehicles. Chrysler sales fell 53% in December [...]
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Chrysler retains No. 4 spot in 2008 sales
Mon, 01/05/2009 - 14:42Chrysler, with 1,443,122 sales for the year, came in fourth in the automaker rankings for 2008. General Motors posted 2,954,819 light vehicle sales to retain the top spot, while Toyota’s 2,217,662 sales put it ahead of Ford with 1,988,376. Honda and Acura combined for 1,428,765. Nissan’s 951,350 sales rounded out the results for the six [...]
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Caravan stumbles, loses minivan crown to Odyssey
Mon, 01/05/2009 - 13:54A 67 percent plunge in December sales of the Dodge Caravan ended Chrysler’s long reign at the top of the minivan market. The Honda Odyssey, with 135,493 sales, bested the Dodge which came in second with 123,479. The Chrysler Town & Country (118,563), which was the top-selling minivan in December, came in third, followed by [...]
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Chrysler sales down 53 percent in December
Mon, 01/05/2009 - 13:24Chrysler LLC Reports December 2008 U.S. Sales All Jeep® brand vehicles achieved sales growth over November 2008 Chrysler Town and Country sales increased nine percent and Dodge Grand Caravan sales grew 14 percent compared to November 2008 Dodge Ram light duty pickup sales rose ten percent versus November 2008 Auburn Hills, Mich. , Jan 5, 2009 - Chrysler LLC today [...]
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GM, Ford, Toyota, Honda and others down in December, F-Series still No. 1 in sales
Mon, 01/05/2009 - 12:48Chrysler hasn’t posted its numbers yet, but here are some of the early results: General Motors’ December light vehicle sales beat the analysts’ estimates, coming in about 31 percent behind December 2007, an improvement the company attributed to aggressive incentives. Ford sales dropped 32 percent, also slightly better than the average of analysts’ predictions, and the [...]
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Auto sales drops for December 2008
Mon, 01/05/2009 - 11:33Ford reported a 32% drop in U.S. sales in December 2008, compared with December 2007. On the same date basis, Volkswagen dropped 14% and Mercedes 23%. More will be reported as information comes in. (Source: Automotive News). Share and Enjoy:
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Hyundai adds lost-job warranty
Mon, 01/05/2009 - 11:29The recently announced Hyundai Assurance Program allows customers who face an unexpected turn of events (loss of a job, severe medical problem) to return their car, without making more payments or paying penalties. The program, which may alleviate the fears of many buyers, has reasonable fine print: it is only good for up to $7,500 [...]
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Analysts predict 48% plunge in Chrysler December sales
Sun, 01/04/2009 - 00:30Industry analysts are again predicting Chrysler will be the big loser among the major automakers when December and 2008 calendar-year sales are reported on Monday. The average of predictions is a 48 percent dive with two analysts, Christopher Hopson of IHS Global Insight and John Sousanis of Ward’s Automotive forecasting sales dropping by half or [...]
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Chrysler receives $4 billion loan
Fri, 01/02/2009 - 20:17The U.S. Treasury sent $4 billion to Chrysler today. The transfer was confirmed by department spokeswoman Brookly McLaughlin. Commenting on the transfer, Chrysler CEO Bob Nardelli said, ““We recognize the magnitude of the effort by the Treasury Department to complete the multiple financial arrangements and appreciate their confidence in Chrysler. We would like to thank the many constituents [...]
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Chrysler has fewest recalls among Big Six automakers
Fri, 01/02/2009 - 03:57According to preliminary figures released by the National Highway Traffic Safety Administration, Chrysler recalled the fewest vehicles among the six largest automakers in the U.S. market. Through December 31, Chrysler had recalled a total of 360,000 cars and trucks, a significant decline from the 2.2 million recalled in 2007. In the same period, General Motors’ recalled [...]
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GM gets $4 billion, Chrysler still waiting
Wed, 12/31/2008 - 20:57General Motors has received the first $4 billion of the loans it was granted by the Bush Administration but Chrysler is still waiting for its funds. The two automakers were guaranteed a total of $17.4 billion in bridge loans to help them get through a liquidity crisis caused by the collapse of the credit markets. Brookly [...]
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Feds pump $6 billion into GMAC
Tue, 12/30/2008 - 21:27The U.S. Treasury will buy a $5 billion stake in troubled lender GMAC LLC. The government will also loan the company $1 billion so it will be able to participate in a rights offering as part of GMAC’s reorganization as a bank holding company. GMAC, which received approval to reorganize on Christmas Eve, also said it [...]
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Chrysler cancels dealer shindig
Tue, 12/30/2008 - 20:43Chrysler has decided to forego its annual reward meeting for its top dealers. The event, scheduled for March 15-19, was to have been held at the Hilton Los Cabos Resort in San Jose del Cabo, Mexico. Company spokesman Stuart Schorr said the decision was the result of an agreement made last fall between Chrysler and its [...]
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Auto industry seen as most distressed in 2009
Tue, 12/30/2008 - 10:47The automobile industry, hammered by slow sales and tight credit, will pass homebuilding as the most distressed industry in the United States next year. The still-suffering housing industry, the winner for 2008, is seen as falling to third, after autos and the retail sector, according to an early December survey of the213-member Turnaround Management Association. Chrysler, [...]
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Bob Nardelli’s year-end wrap-up
Mon, 12/22/2008 - 14:46Chrysler CEO Bob Nardelli recently sent an open letter to the employees of Chrysler. Some key points he made were: Thanks to the U.S. and Canadian governments for providing bridge loans Investment continues 88% of Chrysler vehicles got five stars in front crash tests; 86% got five stars in side impact tests 73% of models have better gas mileage [...]
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Chrysler Canada sales down
Mon, 12/22/2008 - 12:19For November 2008, Chrysler sales dropped 15.5% to 15,560 units, pushing the company to the #3 sales position for the month (all numbers in this article compensate for the number of selling days in the month). Chrysler has sold 210,702 units in Canada from January through November, edging out Ford, which saw stable sales for [...]
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Cerberus exchanging all its Chrysler equity to labor, creditors
Mon, 12/22/2008 - 11:24According to a new Automotive News article, Cerberus is planning to give away its entire stake in Chrysler - roughly 80% of the company - to labor and creditors. [Update: Cerberus did not announce whether it would be giving equity solely to the UAW, or to the UAW Employee Beneficiary Trust and to individual autoworkers]. Bush’s loans [...]
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