Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $
We've reported on news about Gibbs Sports Amphibians here in the past; the company has spent years developing products that are equally at home on the land and in the water. In fact, in addition to the (relatively) well-known Aquada amphibious car, we've know that Gibbs has been working on this amphibious ATV for years.
Chrysler has decided to celebrate the Dodge Ram winning the Motor Trend Truck of the Year award by barring employees at its Auburn Hills headquarters from seeing the sun for 120 days. The company has turned its HQ into one big billboard with a 14-story building wrap. The 140-foot tall, 120-foot wide graphic features a massive 2010 Dodge Ram Heavy Duty atop a pile of rocks.
Chrysler has just announced that it will 'reject' some 789 of its dealerships by June 9 as it works to downsize through Chapter 11 bankruptcy restructuring. That represents a 25% cut in its dealer networks, leaving 2,392 Chrysler, Jeep, and Dodge dealers to carry on if the automaker is able to successfully emerge from bankruptcy with its new partner, Fiat.
Building on speculation that first leaked yesterday is word this morning that a pair of Obama administration officials have told The Associated Press that Chrysler will indeed file for bankruptcy. The decision was apparently reached after debtor negotiations with hedge funds "crumbled overnight."
According to a post on The Detroit Bureau, a key stipulation in the tentative contract reached between the United Auto Workers and Chrysler is that the union's right to strike will be all but eliminated for at least the next few years.
According to The Canadian Press, Chrysler may elect to pull all manufacturing operations out of Canada if it cannot come to an agreement with the Canadian Auto Workers by month's end. The embattled automaker is looking negotiating with the CAW in part to reduce wages from an average of $76 to $57, and as part of a contingency plan/ bargaining chip, it is reportedly architecting a wholesale pullout from America's northern neighbors.
That Chrysler continues to struggle isn't exactly news. As a whole, the auto industry is tanking and cars just aren't moving off dealer lots. Chrysler initially responded by offering buyouts to its entire workforce, and 25% off all its salaried workers took the company up on the offer. Earlier this week, we learned that the ailing Auburn Hills empire will get cozy with Italian automaker Fiat. What we haven't heard as much about, however, is the health of Chrysler's parent company, Cerberus Capit
Chrysler has been eerily silent about what, if anything, is in the works to replace the Avenger/Sebring twins, other than giving the replacement plan a cryptic "Project D" moniker. The pair are still relative newcomers to the scene, but the competition has delivered Chrysler's midsizers a sound drubbing both in the press and on the sales charts. The problem is that development costs money, something that's currently hard to come by. Thinking strategically, the unloved and outgunned Chryslers mig
The workforce exodus in Southeast Michigan is slated to continue, as Volkswagen's North American headquarters is officially heading over to Washington D.C. VW currently employs 1,500 workers in Auburn Hills, just a stone's throw away from Chrysler's epicenter. The move to D.C. comes as VW has lost about $2 billion in North America in 2005 and 2006. Past headquarter moves, like Nissan's shift from California to Tennessee, have helped pare-down a company's white collar workforce, and VW feels its