Word: fiat
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...tiny Fiat 500 is one of the first cars Chrysler hopes to build in North America through its new alliance with Fiat. "It's highly, highly likely that the Fiat 500 will be built in the NAFTA region," said Chrysler vice chairman Tom LaSorda after the deal with Fiat was completed as part of the company's structured bankruptcy. Lasorda added that Fiats will probably begin showing up in American showrooms within the next few months...
Chrysler, Fiat and the United Auto Workers reached a tentative labor agreement over the weekend that could provide the troubled American automaker with a better shot at longevity. Though complete details on the UAW accord have not yet been released, the terms are likely to closely resemble Chrysler's new agreement with the Canadian Auto Workers, ratified over the weekend. The Canadian agreement cuts labor costs to the level paid by non-union plants run by Asian companies such as Toyota, or by $19 Canadian dollars per hour...
...retiree healthcare trust with equity instead of cash. "We recognize this has been a long ordeal for active and retired auto workers, and a time of great uncertainty," said UAW President Ron Gettelfinger. The deal was reached, Gettelfinger said, "in the face incredibly trying circumstances." Italy's Fiat, currently in negotiations over a possible association with Chrysler, has also demanded significant labor cost savings as a prerequisite to any deal. (Read a 2-min. bio of Obama's car guru...
...carmaker's management is struggling to assemble a rescue package that in addition to any UAW givebacks will have to include closing more plants and getting big help from Italian carmaker Fiat, which would contribute its own small-car designs and technology. Failure would saddle major banks with $7 billion in new losses, leave Chrysler's former owner, Daimler AG on the hook for more than $1 billion in additional pension costs and wipe out the health care for thousands of Chrysler retirees...
...agreement. According to Harley Shaiken, a labor expert at the University of California at Berkley and occasional consultant to the UAW, the union and its Canadian counterpart are grappling with demands for big cuts in their wages and benefits - on the order of 25% to 30% - by Chrysler and Fiat. The demanded rollbacks could reduce wages and benefits, presently pegged at $29 per hour, by $6 to $8 per hour. "There is no doubt these are very serious cuts and they're being made under very tight deadlines and under very serious pressure," Shaiken says. "That will be a bitter...