Chrysler News

Filed under: Government/Legal, Chrysler, LLC., Ford, GM

Congress will likely vote this week in favor of giving Detroit automakers at least $15 billion in federal loans, but that healthy chunk of change will come with many strings attached. Several Congressmen have insisted that more concessions come from the UAW, lenders and executives before a cent is sent to Detroit. Another stipulation is a special “Car Czar” to watch over the money and make sure it is being spent wisely. Several congressional officials have mentioned September 11 fund master Kenneth Feinberg as a candidate to keep the automakers in line. Feinberg, who is also an accomplished lawyer, oversaw over $500 million in donations following the September 11 terrorist attacks in 2001. A key element of being “Car Czar” would be wielding the authority to take all the funding back if he determines it’s been used improperly.

[Source: The Detroit News]

Federal “Car Czar” could be 9/11 fund organizer originally appeared on Autoblog on Tue, 09 Dec 2008 09:02:00 EST. Please see our terms for use of feeds.

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The House of Representatives and the Senate will discuss and likely vote on the Automaker Bailout Bill (we know, it’s not technically a bailout, but rather loans that will be paid back) tomorrow, and the first discussion draft of the bill has hit the internet. The discussion bill is 31 pages long, and like you we’re not about to spend our Monday evening reading through the whole thing. Thankfully, some real auto journalists over at The Detroit Free Press have done that for us.

chrysler-news/first-draft-of-automaker-bailout-bill-is-out/#more-198″ class=”more-link”>Read more »

The choices are: spend $15 billion in bridge loans now to keep the Detroit Two (GM and Chrysler, since Ford can apparently hold its own) from going bankrupt, or spend $70 billion over the next two years to pay for the fallout from the Detroit Two going bankrupt.

Those are the numbers according to the Anderson Economic Group and BKK, which get to their $70 million number based on 1.8 million job losses and evaporating federal and state tax revenue. And that number still doesn’t include things like the jolts to credit markets, consumer confidence and manufacturing and supplier bases, among other nuclear scenarios. The question now is: how are the two (or three) automakers going to divvy up the $15 billion and just how many strings will Congress attach?

Highlights of Chrysler LLC Plan Submitted Today to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services

• Chairman and CEO Robert Nardelli looks forward to testifying before the committees later this week
• Chrysler will urge the immediate adoption of legislation that will allow domestic automakers to weather the current national economic crisis and continue to invest in industry-leading products, technologies and vehicles of the future

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The folks over at allpar.com had some interesting comments regarding the bailout.

In particular, they ask “What if Chrysler paid ZERO in wages”. This, of course, is in response to the many critics of the UAW.
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Marysville, Mich., Nov 18, 2008  -  Chrysler LLC and ZF Friedrichshafen AG today announced the formation of a new axle manufacturing alliance. The partnership will utilize Chrysler’s new Marysville (Mich.) Axle Plant to build three families of state-of-the-art axles for improved fuel efficiency. 

“This partnership gives Chrysler access to advanced axle technologies from a partner that is a leading worldwide supplier of driveline and chassis technology,” said Chrysler LLC President and Vice Chairman Tom LaSorda. “Advanced axle technologies are key to our powertrain offensive, aimed at improving the fuel efficiency of our products. And working with a partner allows us to reduce development costs and capital investment requirements. In the end, it’s the customer who wins. These axles promise better mileage, better quality and better refinement.”

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Washington, D.C., Nov 16, 2008  -  As the U.S. Congress considers support for the domestic automobile industry, a select group of Chrysler’s U.S. dealer network will visit Capitol Hill on Tuesday, November 18 and Wednesday, November 19 to discuss their concerns regarding the impact of the global financial and liquidity crisis in their communities across the country. The dealers will specifically voice their support for temporary financial assistance for the domestic auto industry.

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Participation with "America Supports You" extends decades of Chrysler support to the military

Auburn Hills, Mich., Feb 26, 2008 - Chrysler LLC announces it will join America Supports You (ASY), a Department of Defense program connecting non-profit groups with military men and women and their families. The relationship with America Supports You continues Chrysler’s decades-long legacy of support for the military with its products and through morale-building activities.

"The mission of America Supports You merges perfectly with the legacy Chrysler has of supporting the military and their families for decades," said Bob Nardelli, Chrysler LLC Chairman and CEO. "Beginning with our Jeep® products carrying troops in World War II and continuing with our initiatives today, Chrysler has remained committed to the well-being of the men and women who wear the uniform and their families."

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Seamless advanced technology meets stunning, emotional design

Plug-in Hybrid Electric Vehicle Technology taken to new level

• Chrysler ecoVoyager Concept

  • Electric Vehicle with Fuel Cell Range Extender
  • Distinctive, Elegant American design

• Jeep® Renegade Concept

  • Electric Vehicle with BLUETEC Diesel Range Extender
  • "Stylish Green" sustainable Jeep design

• Dodge ZEO Concept:

  • Electric Vehicle with 250-mile all-electric range
  • Four-passenger "2+2" sports car for the enthusiast

Detroit, Jan 14, 2008 - Three passionate designs combine with three advanced propulsion systems. The result: high-tech, innovative vehicles with alternative fuel choices … and exciting design and brand character.

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Auburn Hills, Mich., Jan 12, 2008 - Once again, Chrysler LLC's "family rooms on wheels" have been awarded highest honors. For the first time in the award's history, the all-new 2008 Chrysler Town & Country and Dodge Grand Caravan captured all of the votes for best minivans as awarded by the 2008 International Car of the Year Awards (ICOTY) jurors, leaving no room for third-place contenders. The 2008 Chrysler Town & Country earned first-place in two categories, International Truck of the Year and The Most Compatible Minivan of the Year. The 2008 Dodge Grand Caravan earned second place in The Most Compatible Minivan of the Year category as well.

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