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.
- Chris Bruce
- Jun 9, 2015
- Chris Bruce
- Aug 20, 2014
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.
- Chris Shunk
- Oct 4, 2009
2011 Jeep Grand Cherokee - Click above for high res image gallery
- Sam Abuelsamid
- Sep 10, 2009
- Dan Roth
- Apr 10, 2009
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.
- Chris Paukert
- Mar 27, 2009
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.
- Noah Joseph
- Jan 21, 2009
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
- Jeremy Korzeniewski
- Oct 24, 2008
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.
- Michael Harley
- May 9, 2008
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
- Jonathon Ramsey
- Dec 31, 2007
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.
- Siddharth Raja
- Oct 4, 2007
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.'
- Damon Lavrinc
- Sep 17, 2007
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.
- Dan Roth
- Sep 13, 2007
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
- Chris Tutor
- Aug 22, 2007
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.
- John Neff
- Aug 3, 2007
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
- John Neff
- Jul 26, 2007
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
- Sebastian Blanco
- Jul 8, 2007
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,
- Siddharth Raja
- Jul 4, 2007
The majority of Chrysler has just been sold to a private equity firm, but that doesn't mean the two divisions - Mercedes and Chrysler - won't continue working closely with each other. Foreign subsidiaries such as those in Australia will continue working almost as one company according to Chrysler Group Australia managing director Gerry Jenkins, who also revealed that the two sides, though split, will be utilizing "a lot of back-end synergies."
- Damon Lavrinc
- Jul 3, 2007
Playing the role of the wild and free divorcee, Chrysler is sending out 3,700 party kits and invitation to its dealers to mark the automaker's return to all-American greatness. The celebration will run in conjunction with a new ad campaign (TV, print, etc.) that touts the brand's rebirth, along with a new logo and some form of rewards that will attract new buyers.
- Jonathon Ramsey
- Jun 19, 2007
Without even waiting for the usual 30-day review period to end, US Government antitrust regulators have officially cleared the purchase of Chrysler by Cerberus Capital Management. While the sale won't officially close until Q3, this means that it won't face any regulatory hurdles or conditions. It's good news for Cerberus, and all are waiting to see if it's good news for Chrysler. However, in light of Cerberus' interest in Jaguar and Land Rover, for Cerberus it could just mean one down and two t
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