Chrysler News

The $17.4 billion bridge loan package signed into action by President Bush late in December has begun disbursement, with General Motors receiving $4 billion on Wednesday. Chrysler is still waiting on the finalization of details with the U.S. Treasury before it will be able to tap into the loans...

A one-of-a-kind Dodge Viper tuned by McLaren has been put up for sale, with an asking price that comes close to $295,000. Known as the ASC Diamondback Viper, the car was first unveiled by American Specialty Cars (ASC) back at the 2006 Detroit Auto Show featuring a bevy of performance modifications...

GMAC has leveraged the recent promise of U.S. Treasury funds to boost its lending capacity, and now it has generated another $21.2 billion in cash via debt-for-equity swaps with its bondholders. The fund raising is part of the company's' effort to raise enough cash to meet the regulatory...

Cerberus Capital Management, current majority stake holder in Chrysler, is offering its entire equity stake in the carmaker to help it restructure and gain federal loans. The move is also designed to comply with one of the provisions in the Presidential loans initiative, which was approved late on...

Bankruptcy for one or more major carmakers as a solution to the current automotive downturn has been widely reviled as the worst possible alternative for the carmakers themselves and the industry, and economy, in general. But now the White House has revealed that a structured bankruptcy for General...

Chrysler has announced that it will be shutting down its factories for an entire month, with production being halted from this Friday, December 19 until January 19 of next year. Chrysler's poor financial performance and a weak automotive market were the two major reasons cited for the extended...

We've all heard the argument for why someone drives that big SUV instead of a fuel-sipping mini-car on their epic two-hour commute: crash safety. And while there's a good bit of sense to that point, at least from the SUV driver's perspective, small cars are improving their safety marks according to...

The U.S. Senate rejected an emergency bill to provide billions of dollars of aid to the Detroit 3 carmakers late on Thursday, dashing the hopes of General Motors and Chrysler, both of which may run out of cash by the end of the year. "We have not been able to get this over the finish line," Senate...

Detroit's major auto manufacturers could soon find that three certainly is a crowd when it comes to the world automotive market. CSM Worldwide is predicting 2009 to be the worst year in U.S. automotive sales in over a quarter of a century, and that Chrysler will not make it through the storm...

The Dodge Challenger SRT8 has been a welcome arrival for many muscle-car fans. Willing to overlook its hefty weight for the old-school looks and meaty Hemi power, they've already purchased just about every car scheduled to be made for the next year. But Hurst wasn't content to leave the Challenger...

The deal between Chrysler and Chery to build small cars for the North American market has been anything but smooth sailing, with numerous delays and obstacles causing both companies to have almost walked away from the deal previously. Now, Chrysler has formerly announced that both it and Chery have...

A decision on the U.S. government's loan package is expected to come from Congress sometime today, but already carmakers are approaching the Canadian government, seeking more aid. The $6.8 billion sought from Canada would still fall short of the $25 billion originally asked for from Congress, even...

The U.S. Congressional hearings on Capitol Hill are still underway, and thus far no definitive result has been reached. Chrysler CEO Bob Nardelli has at times appeared apologetic and even regretful, but always concerned with securing additional funding for the company. The near-desperation...

The CEOs of America's major carmakers, before the Senate Banking, Housing and Urban Affairs committee today, are acknowledging their past shortcomings but also projecting future strategies based on lessons learned. Lawmakers thus far appear to be more receptive to the idea of loans now that the...

The great-grandson of the founder of Chrysler has publicly declared his support for the company, attending a rally in Baltimore to help the carmaker campaign for a federal bailout package. Frank Rhodes, great-grandson of Walter Chrysler and furniture maker, stated that he wants to "see them...

Just as Detroit compatriots General Motors and Ford are revealing their strategies for future viability - and need for funding in the meantime - Chrysler has come out with its plan for the future, both near-term and long-term. An immediate need for $7 billion in emergency loans before the end of...

The Chevrolet Volt captured the mind of the public and the press when it was revealed during the company's 100th anniversary celebrations in September, though even then it was suspected that trouble was brewing for the company. Last month's announcement of an impending cash shortage and this...

Chrysler may be struggling financially but its product development chief Frank Klegon has assured reporters that the Auburn Hills carmaker will be coming out with new models over the next few years. Klegon confirmed that projects were still in the pipeline for 2010, 2011, 2012 and 2013, but...

The CEOs of the Detroit 3 will be returning to Washington this week to present new business plans to Congress, all in the hopes of garnering a $25 billion federal loan package to prevent them from collapsing under financial pressure. General Motors’ board has already met to discuss its plan...

Cerberus Capital Management has accused Daimler AG of misleading them about the true value of Chrysler before selling the American private equity group a majority holding in the Auburn Hills carmaker. At this point in time, Cerberus owns 80.1% of Chrysler and Daimler owns the remaining 19.9%, and...