A former managing director of Fiat Chrysler Australia is accused of misappropriating the equivalent of $23.1 million. He bought yachts, held lavish Christmas parties, and supported friends' businesses.
The ongoing investigation by the Department of Justice into price fixing in the automotive industry has nabbed one more company breaking the law. Japanese parts giant NGK Spark Plug Company agreed to plead guilty to a felony count of pricing fixing and bid rigging in the in the US District Court in Detroit. Its punishment is a $52.1 million criminal fine and to continue to cooperate with the DOJ's sleuthing into the problem.
Nerves are frazzled in Stuttgart over the troubles facing Chrysler. Let's not forget that Daimler still has a skin in the Chrysler game, and while everyone natters and frets about whether or not Fiat will prove to be the Savior Of Auburn Hills, execs are also thinking about the worst-case scenario in the halls of Daimler.
Details are scarce at the moment, but we have learned that Volvo's award-winning design director, Steve Mattin, has left the company. While no further details are immediately available (why he left, where he is headed, possible successors, etc.), Dan Johnston, Volvo's East Coast PR manager confirmed the news to us after placing a call to his counterparts in Sweden this afternoon.
For over a decade, ownership of Chrysler has been bouncing back and forth over the Atlantic like an Airbus jet. Since its founding in 1925, it was independently owned and operated right out of Detroit, then Daimler bought controlling interest in 1998, only to sell it to U.S.-based Cerberus Capital Management. Now Fiat is poised to assume a 35% stake in the company. So the question is, who holds controlling interest? Well in short, nobody does. Daimler holds nearly 20%, Fiat's taking over 35%, le
So, just what is a 19.9% stake in America's third largest automaker worth? Um, nothing. So says Daimler, which owns exactly that amount. The German company claims that, for accounting purposes at least, there is absolutely no value in its part-ownership of Chrysler. Just about a year ago, Daimler estimated that its share of Chrysler was worth some $1.17 billion. The remaining 80.1% was sold to Cerberus Capital Management last August for $7.4 billion.
Hyundai, now a world-class engine manufacturer, may lend engine technology to Mercedes-Benz for a future four-cylinder powerplant. It was just a few short years ago that DaimlerChrysler, Mitsubishi, and Hyundai banded together in the Global Engine Manufacturing Alliance (GEMA) to build the so-called World Engine (pictured at right). The GEMA engine, with displacements ranging from 1.8-liters up to 2.4-liters, is found under the hood of more than a handful of Chrysler, Dodge, Jeep, Mitsubishi, an
The automaker formerly known as DaimlerChrysler isn't finished making headlines yet. The NHTSA, which levies fines for manufacturers not meeting CAFE standards, has issued its largest penalty to any automaker, ever, by giving DaimlerChrysler a bill for $30,357.635.50.
The last remnants of the merger between Daimler and Chrysler that occurred seven years ago has finally been put out to pasture with the announcement today of a new name for the German automaker. Shareholders voted today on the new name 'Daimler AG', but to keep a connection with co-founder Carl Friedrich Benz, the Mercedes Car Group will be renamed 'Mercedes-Benz Cars.'
You might recall about this time last year, California State Attorney General Bill Lockyer filed a lawsuit in Northern California's U.S. District Court asserting that automakers selling vehicles in the Golden State were liable for the hundreds of millions of dollars of damages its products cause. That lawsuit, which named GM, Ford, Toyota, DaimlerChrysler, Honda and Nissan as the defendants, was thrown out today by a federal judge.
General Motors and the former DaimlerChrysler have been handed a disappointment in a Boston district court. At issue was Vermont's adoption of California's carbon dioxide standard, which requires cars and light trucks to reduce their emissions of the greenhouse gas by 30 percent. GM and DCX brought suit against the state of Vermont, claiming that Federal law was being usurped by states demanding their own emissions standards. Furthermore, the automakers say they couldn't meet the standard, and w
The history of Daimler Motor Corp. is very interesting and full of twists and turns. You can read about it here, but the part we're most interested in today starts in 1960. That's when Jaguar obtained the rights to use the Daimler name, and they have continued to use it on top-of-the-line Jaguars in every country but the U.S. since then. The latest Daimler model was the Super 8 introduced in 2005, pictured above.
var digg_url = 'http://digg.com/business_finance/Done_deal_Cerberus_takes_control_of_Chrysler_today'; August 3, 2007. Today is the day that Cerberus Capital Management LP takes an 80.1% controlling stake in Chrysler, leaving DaimlerChrysler a minority 19.9% share. The "merger of equals" that took place back in 1998 has officially ended, and Chrysler is now a privately-held company with a wide open future. Much ado was made about the difficulty in financing the deal and Chrysler's turnaround e
According to a German magazine referenced by Automotive News, Wolfgang Bernhard is expected to be announced as the Chrysler Group's chairman-in-waiting, pending DaimlerChrysler's sale of the automaker to Cerberus Capital Management. Currently Bernhard is an acting advisor, a consultant if you will, for Cerberus, and spends his days at Chrysler's Auburn Hills headquarters, presumably gathering info for Cerberus on what aspects of the business need the German exec's magic touch the most. When the
Last week, DaimlerChrysler Canada announced a series of incentives for new car buyers and leasers, including an employee price discount and a deal with Petro-Canada for 20 cents off per liter of gas for one year (of "average driving"). So, instead of making higher-mileage vehicles, DaimlerChrysler is giving buyers a little relief at the pump for 12 months. After that, buyers are on their own. Eligible vehicles = all 2006 models, all 2007 models (except Dodge Caliber, Jeep Compass, Jeep Patriot,
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