Word: chryslers
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Sergio Marchionne, the gifted executive who saved Italy's Fiat Group from a destructive meltdown earlier in the decade and then convinced the Obama Administration that he could revive the bankrupt Chrysler Group LLC, tried on Wednesday to dispel speculation that the struggling automaker was beyond help. "We want Chrysler to become a strong public company," said Marchionne, who was dressed in his trademark professorial sweater, as he opened an elaborate presentation of the struggling automaker's business plans for the next five years, which emphasize blending Fiat's small-car and small engines technology with Chrysler's muscular Jeeps...
...presented the plans, Marchionne said that Chrysler's financial position is now stronger, following its trip through bankruptcy and a dramatic restructuring that cut more than 18,000 salaried jobs. One benefit: Chrysler's cash reserves have increased from $4 billion to $5.7 billion since the company emerged from bankruptcy in June. "Chrysler was actually profitable on an operating basis in September," Marchionne said as he opened the meeting outlining Chrysler's 2010 to 2014 business plan...
...addition, the new Chrysler is incredibly cheap. We're working at conserving cash," he said. Scott Garberding, the head of manufacturing, added that the goal is to cut operating costs by 8% and boost productivity by 10%. "We're eliminating every form of waste," he said. Chrysler also plans to share more suppliers with Fiat. "It allows us to create joint savings," said Garberding...
...Marchionne's hands-on style has re-energized Chrysler's managers. "He has literally breathed new life into our company," said Ralph Gilles, who heads the company's design office as well as Dodge marketing...
...everyone is enthusiastic, and doubts about Chrysler's future were reinforced Tuesday when the company reported a stunning 30% drop in sales for October. By contrast, both the newly profitable Ford Motor Co., and General Motors Corp., which had followed Chrysler into bankruptcy, reported modest sales increases during what was the best month for new cars sales in more than year. "The industry showed signs of improvement this month, which is a trend we expect to continue for the remainder of the year," said Fred Diaz, the top executive in Chrysler Sales Organization, as he scrambled to put a good...