Word: chrysler
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...Ford, Chrysler, Nissan, Honda and Hyundai, which with GM and Toyota account for more than 90% of the new cars sold in the U.S., each reported sales declines of more than 25%. Mercedes-Benz saw its sales drop 35%, while BMW fell 14%. Only Audi posted an increase in sales last month...
...Detroit Carmakers Cry for Help Amid talk of a merger with Chrysler, General Motors is lobbying federal officials for sizable financial assistance. In addition to the $25 billion in government loans promised to the industry in an energy bill for production of fuel-efficient vehicles, GM's lending arm, GMAC, is exploring ways to access funds in the $700 billion federal-bailout package, while the company reportedly is also seeking cash injections to cover potential merger costs. GM and Chrysler employ more than 200,000 U.S. workers and support many more jobs in the auto-parts and sales industries...
Getting the federal money, however, might be only half the battle in a GM-Chrysler merger. Sources who have been briefed on the private discussions about the merger have indicated Cerberus LLC, the New York City-based private-equity firm that owns 80% of Chrysler, would want a significant stake in any company that emerges from the deal. That would include a number of seats on the board and a voice in deciding who actually manages the new company...
Meanwhile, Chrysler plans to cut 25% of its 18,000 nonunion salaried workforce before Christmas. In an e-mail to employees, Nardelli said the layoffs would be handled as humanely as possible as he urged employees to retire or accept buyouts. Cash for the buyouts will apparently come from the $11 billion in reserves the company had on hand at the end of the summer. "The combination of troubled financial markets, difficult credit, volatile commodity prices, the housing crisis and declining consumer confidence continue to weigh on the economy," Nardelli said...
...Chrysler also confirmed it plans to halt production of its first hybrid vehicles by the end of December, even though it already has orders for 3,000 Dodge Durango and Chrysler Aspen hybrids. It's not clear at this point whether Chrysler will be able to fill the orders for the hybrids before the assembly plant in Newark, Del., where they are built shuts permanently, a Chrysler spokeswoman said. Roughly 5,000 salaried employees at GM also are expected to leave the company payroll by week's end as part of a series of cutbacks announced in July...