While the bad news of the day dominated the headlines, DaimlerChrysler announced their intentions to invest $40 billion over the next five years in North America. Michigan, Ohio, and Alabama are the big beneficiaries of this move, which will result in upgrades to Chrysler, Freightliner, and Mercedes-Benz facilities, as well as the construction of a new engine plant as part of a joint venture with Hyundai and Mitsubishi. The announcement came CEO Juergen Schrempp during DCX's three-day visit to Washington D.C., where they will attempt to exert some influence on federal lawmakers who have largely been silent on the problems facing the domestic auto industry.
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