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863 views Feb 16, 2007

GM is in talks to buy Chrysler

General Motors is in talks with DaimlerChrysler about a possible buyout of the struggling Chrysler Group. That’s the latest from inside sources both in the US and Germany as published in a report by Automotive News. Talk of an alliance was first reported last week in Germany's Manager-Magazin. However, GM remains very tight-lipped on the matter, releasing the statement "we have always said that conversations (between GM and many other parties) have happened all the time, and many times they don't come to fruition."

A European official from GM, Klaus Franz, said acquiring Chrysler would be a "disaster" for the automaker, adding "this is only a step to remain the number-one automaker. The problem is that Chrysler is in the same situation as GM. They don't have the right product portfolio." Franz then compared the possible merger to GM’s previous alliance with Fiat, stating “GM lost a lot of money with that decision. I hope GM learned its lesson."

DaimlerChrysler CEO Dr. Dieter Zetsche added fuel to the speculation-fire when he made comments last week that the company was open to all options for the Chrysler group, including a sale.