Word: chrysler
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...little like an opposing general inspecting enemy lines, as Chrysler Chairman Lee lacocca flew off to Japan last week aboard his company's Gulfstream II. The first objective was Mitsubishi Motors, with which Chrysler has for some time wanted to set up joint production in the U.S. lacocca and Mitsubishi President Toyoo Tate announced that the companies in 1988 will begin making a small car in a plant to be built in the Midwest or South. The project will cost $500 million, turn out 180,000 cars a year, employ 2,500 autoworkers and create as many...
After discussing U.S.-Japan trade problems with Keijiro Murata, Minister of International Trade and Industry, lacocca went to South Korea, where he announced a joint venture with Samsung, a conglomerate that makes everything from ships to electronics. The Samsung-Chrysler operation will produce auto parts and components in Korea for export to the U.S. Both the Japanese and Korean deals underscored Chrysler's policy of not building subcompact cars in the U.S. entirely on its own. The company will now be relegating at least part of the job to foreign companies to keep costs down. ELECTRONICS Sony Complicates the Picture...
...says. "Once your image is badly damaged, you can come up with the most wonderful car and people still won't buy it." The Daimler people are hoping that won't happen to them. The troubles at Daimler follow years of restructuring after the 1998 merger of Daimler and Chrysler, and persistent quality problems at the Japanese commercial-vehicle subsidiary, Mitsubishi Fuso Truck & Bus Corp. But quality is what the Mercedes brand is especially known for, and that's the area where the firm is hurting itself most. Customer complaints prompted the record recall, and even German taxi drivers...
...appointed Eckhard Cordes, his point man on the 1998 merger with Chrysler, as CEO of Mercedes with clear orders to clean things up fast. And there was good news on other fronts. Schrempp said he expects the Smart division to break even in 2007 and that, despite the huge restructuring charge, Daimler's 2005 operating earnings will still top the j5.8 billion it earned in 2004. Some Daimler divisions have proven it's possible to turn the corner, as have other carmakers. Overall, conditions are tough, though. The industry is plagued by overcapacity and price wars. PriceWaterhouse- Coopers estimates that...
...fantasy camp where amateurs can indulge their inner Jeff Gordon. Driving schools, offered by Audi, Jeep, Porsche and independent operators like Skip Barber, have grown popular in recent years. For automakers, it's all about branding, creating a vacation-like "experience" around a car. Last summer Chrysler extended its Camp Jeep event to California, luring 3,000 folks for two days of off-roading, and Porsche has started a similar program for fans of its Cayenne SUV. BMW runs several programs at its Performance Center in Spartanburg, S.C. At M School, students race high-performance M3 coupes...