Word: chryslers
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...shut their doors for good. Meanwhile, each of the Big Six (the three domestic carmakers plus Toyota, Honda and Nissan, which together account for 75% of all vehicle sales in the U.S.) reported double-digit declines in sales. The declines ranged from 11% at Ford to nearly 42% at Chrysler. German automakers such as Volkswagen, BMW, Porsche and Mercedes-Benz also reported double-digit declines. (See the 50 worst cars of all time...
...reason GM Mexico has remained profitable while mounting losses have pushed the parent company's U.S., Canadian and European operations to the brink of disaster boils down to the lower cost of doing business in Mexico. GM and other automakers, including Ford and Chrysler, have managed to keep the cost of production south of the California and Texas borders at Third World levels, owing largely to Mexico's weak unions...
Marchionne's most interesting challenge is that Chrysler's new owners, postbankruptcy, are his employees--the United Auto Workers, which holds a 55% stake through its retiree trust fund. His other bosses include the U.S. and Canadian governments, which hold 8% and 2%, respectively. Fiat will start with a 20% stake, which could reach 35% if Chrysler succeeds. "Politics and unions are Marchionne's biggest risks," says Carnevale. "Having politicians on the board of directors will require very complex management...
...what's his strategy? Marchionne is likely to hew closely to the playbook he used to revive Fiat. On June 10, the day Fiat sealed the deal, he announced a thorough organizational revamp. From now on, each of the four individual brands--Chrysler, Jeep, Dodge and Mopar (which makes parts)--will be distinct business units responsible for profit and loss. He also reached deep into the ranks, bypassing the engineers and putting a younger, energetic generation of managers with marketing experience in charge of the brands. "That's a mirror image of what he did at Fiat," says a longtime...
...first memo to Chrysler employees, Marchionne talked about that record. "Five years ago, I stepped into a very similar situation at Fiat. It was perceived by many as a failing, lethargic automaker that produced low-quality cars and was stymied by endless bureaucracies," he wrote. Giving his version of the turnaround--hard work, tough choices, heavy investment and a culture "where everyone is expected to lead"--he promised that "we can and will accomplish the same results here." Even if Fiat doesn't become the next Apple, everyone from the President to the survivors on the Jeep shop floor...