Word: chryslers
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...fourth quarter of 2008 good to Chrysler? Since Thanksgiving it has had to cut more than 5,000 salaried jobs and close an assembly plant; it staggered through December with a 53% drop in sales. But the season was not without good tidings: Chrysler got $4 billion in federal bridge loans and its finance company is awaiting approval of another $1 billion to $2 billion from the U.S. Treasury. "Chrysler Financial is optimistic it will receive the necessary support from the Treasury," says spokeswoman Amber Gowen...
...North American International Auto Show in Detroit this week. Ford announced that it hopes to have an all-electric vehicle, which would be able run for 100 miles on a single charge, on sale by 2011. Chastened by their collapsing sales and sustained by infusions of bailout cash, GM, Chrysler and Ford need to come up with ways to revolutionize car design, clean up the environment and wean the industry off foreign oil. The concept of all-electric cars has faced some resistance, but the big three seem readier than ever for change - and the idea, it turns...
...Iowa, we remain far from the global recession's hot spots (knock on wood): Wall Street and Detroit, AIG and WaMu, Chrysler and Bernie Madoff. But the state has its problems, from layoffs by major employers to falling grain prices, bankrupt ethanol plants and state budget woes. And some of those recent scary national headlines - "U.S. Loses 533,000 Jobs in Biggest Drop Since 1974," "Recession Propels Skid in Housing Sales, Prices," "Retail Sales Are Weakest in 35 Years," "In Need of Cash, More Companies Cut 401(k) Match" - are translating into tangible, tell-tale signs on the street where...
Sales of new vehicles dropped in December to the lowest level since the early 1980s, as carmakers turned in a terrible fourth quarter despite aggressive use of incentives. Embattled Chrysler showed the worst decline of all, with sales tumbling...
...biggest losers in 2008 were GM and Chrysler, which were recently bailed out by the White House with $17.4 billion in loans. GM reported a 35% sales drop in December and a 27.5% decline for the year. Chrysler's annual number was slightly worse than GM's, down 30%. Ford escaped 2008 with less damage: its sales declined 32% in December and 20% for the year...