"No thank you," Hyundai says to buying Chrysler. "We've got our hands full right now." That's a paraphrase of what a spokesman from the Korean company said in response to a report in a London newspaper that Hyundai wanted to buy Chrysler. Now the Times of London is reporting that J.P. Morgan has begun the process of auctioning off Chrysler and is preparing to send information memorandums (is that what big banks call classified ads?). The Times also says an auction could happen as early as this week.
GM appears to still be interested in buying Chrysler, or at least hasn't denied that it's interested, but a number of analysts and, for what it's worth, a number of Autoblog staffers are wondering how it would ever work. The next week or so will be very interesting for Chrysler. Several European and Asian automakers are rumored to be looking at making a bid themselves, and several investment groups are expected to do the same. Stay tuned.
[Source: The Associated Press via Yahoo, The Times of London]
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Reader Comments (Page 1 of 1)
retsel @ Feb 19th 2007 1:43PM
someone need to find a way to deal with the legacy costs... for all the Detroit automakers... that area of overhead is too great.... sorry...
Dandy @ Feb 19th 2007 2:09PM
Good move, Hyundai. They're looking better and better all the time.
Bruno Kussler @ Feb 19th 2007 2:48PM
Maybe this is the chance for the Chinese enter in the US Market. Could you guys imagine an American Roewe? The big problem, the money, isn’t really a big problem for them.
Erik @ Feb 19th 2007 3:28PM
Phew, Chrysler dodged a bullet there. I hope they spin Chrysler off to become an independant American company again. If not, at least let GM have them. Chrysler needs to be once again an American company.
ruggels @ Feb 19th 2007 3:36PM
ummm chrsyler wasn't doing well as an independant american company, that's one of the reasons dialmer purchased them.
I'm hoping bruno's right and roewe or someone uses their inability to manage themselves to their advantage. I'm all about something new in the industry.
Phil @ Feb 19th 2007 4:03PM
What on earth are you talking about?? Chrysler was still the most profitable company in the industry when Diamler came with their false merger. THAT'S WHY THEY BOUGHT THEM!!!
NoNameDenton @ Feb 19th 2007 4:57PM
Oh well, not rwd Hemi powered Tiburon
UCBert @ Feb 19th 2007 5:18PM
Chrysler mfg facilities are worthless. Labor contracts are a negative. Brand equity? Jeep or 300? The 'Hemi' designations for non-hemispherical engines?
They've got a sales network that might have value to Carlos Ghosn.
Bryan @ Feb 19th 2007 6:34PM
I think Chrysler should be an independent car company again. I can tell you their problem..its the lackluster interiors. The 300 and Charger are so awesome on the outside, but so tacky inside. The Ram and Dakota look cool on the outside, again, the interiors just suck. Chrysler could have a lot going for them, if they could just get rid of the 1980's plastics!
blitzkrieg79 @ Feb 19th 2007 10:26PM
Hopefully Chrysler will find some large investor to help them get out of debt and start making competetive products again.
What is rather interesting is that when Chrysler was colaborating with Mitsubishi in the 1980s and 1990s, the two companie actually enjoyed moderate sales success and definately weren't in a huge hole like now. Eversince Damiler got involved with both of the companies, thats when the trouble started, Mitsubishi was first in line, they almost went bankrupt and weren't provided any financial assistance from the Daimler group when the tough times knocked. SO they basically left Mitsu in the cold. Good thing for Mitsu is that it finally got away from the grasp of DaimlerChrysler and they were lucky enough that they are a part of one of the biggest conglomerates in the world so they got the neccessary capital to start again from the bottom. I hope Chrysler will also be this lucky and won't disappear, we need competition in this country, otherwise Toyota will take it all over and there won't be any passion left in cars anymore.
Anyway, maybe the real problem lies within the mismanagement of Daimler and not Chrysler, again Mitsu and Chrysler were perfectly fine before the merger and when Daimler got in, it all started to fall apart.
Lee @ Feb 19th 2007 11:53PM
#10 (blitzkrieg79) is right on the mark.
Phred @ Feb 20th 2007 1:19AM
You (Autobloggers) sure seem to know what they ought to be doing.
Do you think you could find enough change under the couch cushions to buy Chrysler?
Maybe you and the other car blogs could team up, have a bake sale, and buy them. Then we'd get the product-focused, RWD-centered brand that does things right.
I'm sure of it.
Phred @ Feb 20th 2007 2:58AM
You (autobloggers) sure seem to know what Chrysler ought to be doing.
Do you think you could find enough change under the couch cushions to buy the company?
Maybe you could team up with some other car blogs to hold a bake sale, buy Chrysler, and give us a product-focused, RWD-centered brand that does things right.
It could happen.
bbooth1986 @ Feb 20th 2007 2:53PM
Why would DC sell off Chrysler?? They are just getting warmed up. the 300c any body? I guess American cars will be thing of the past sooner than I thought; not that I drive one any way.
jj @ Feb 20th 2007 9:04PM
Chrysler is in trouble and any company that buys it now should get a bargain price.
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