Word: chryslers
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...could say Chrysler has the red, white and blues. Despite spending nine years under German ownership, Chrysler remains the most American-focused of Detroit's Big Three automakers. The company - which was sold in August by Germany's Daimler to the private equity firm Cerberus for $7.4 billion - is more dependent upon the U.S. market than either General Motors or Ford. Only 8% of Chrysler cars are sold outside North America. While, in decades past, that may have been a sensible strategy, this concentration is increasingly a liability as U.S. market growth has slowed, and competition from imports is revving...
...That means going global. Chrysler is particularly looking to sell cars in fast-growing developing markets, notably China and Russia. But it also expects to increase sales in mature markets, including Western Europe and Japan. In Europe, for instance, it's adding 100 new dealerships to aid that effort. Chrysler executives say their minimum goal is to double foreign sales to 400,000 cars within five years. That's an achievable target, according to Jeremy Anwyl, chief executive of auto research website edmunds.com. "They're looking to double from a low base, so they're giving themselves a little wiggle...
...seems as though every CEO in America has found his or her Inner Writer. The pioneer was Chrysler CEO Lee Iacocca, whose 1984 memoir, Iacocca, was a smash hit with 7 million copies in print. Then came GE CEO Jack Welch, who received $7 million for his 2001 tell-all, Jack: Straight from the Gut. Of course, there are motivations for writing a book besides money: the earnest desire to pass along lessons learned, the urge to settle a few scores, not to mention ego. This month brings three new CEO tomes that span the spectrum of management styles from...
Could this deal save the U.S. auto industry? It would certainly help. Once GM sets up a VEBA, Ford will probably follow. Chrysler, which became a privately held company in August and has far fewer retirees, has so far balked. "It's not our issue," says a Chrysler official. The companies can use the freed-up cash to spend on developing and selling better cars to take on Toyota, which this year surpassed GM in sales. But that's in the long run. In the short run, funding the trust could put carmakers in a tighter cash squeeze unless they...
...Chrysler's fate could be the sign of what is to come for the U.S. auto industry and labor unions. Some say Cerberus' difficulty securing loans for the deal could also mean that the heyday of private equity is over...