Word: chrysler
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...only privately held member of The Big Three, Chrysler, did better than expected. Sales were down 44% to 84,050. Honda (HMC), Toyota (TM), and Nissan all had results down about...
Under pressure to demonstrate their viability in order to qualify for more government loans, General Motors and Chrysler couldn't produce any additional evidence on Tuesday. If they were taking physical exams, they both would have flunked...
...February sales were reported, GM owned up to selling 53% fewer cars and trucks than a year ago, while Chrysler admitted that its total fell 44%. Slow sales means slow production, which is where automakers get their revenue, so the results put a real dent in cash flow. At the beginning of the month, GM and Chrysler both had more than five months' supply of unsold cars. (Read about the CEOs behind Detroit's Big Three...
Both companies are running low on the money they need to operate. GM ended the year with $14 billion, about what it needs to keep the lights on. Chrysler was forecasting that it would start March with just $2.4 billion. Without a boost from the government, GM and Chrysler could each be forced into bankruptcy or liquidation by the time the crocuses bloom...
...commanding a mere $2.04 a share - about the price of a subway ride in New York City. Observing that the industry is gripped by an "automotive depression," S&P's Efraim Levy added, "We do not foresee an uptick in industry demand before Q4 '09 at the earliest." Chrysler was spared a similar indignity because it is privately held...