No interest in Opel
Chrysler CEO Sergio Marchionne, who is also CEO of Fiat SpA, said he has lost interest in Opel, a brand that Fiat bid on earlier this year.
Marchionne said he sees the sense in GM keeping its European subsidiary.
Category: Chrysler Business Plan
Posted by Louis Aguilar (The Detroit News) on Wed, Nov 4, 2009 at 6:50 PMMarchionne: Keep American jobs in U.S.
CEO Sergio Marchionne said American jobs, "need to be kept here." He also told the mayor of Toledo, Ohio, "just be proud to be an American car company." He added "We will deliver." He also vowed to keep work in Brampton, Ontario.
Electric vehicle plan not settled
Chrysler's electric vehicle strategy is still under review, but these vehicles will only account for 1-2 percent of total volume initially, executives said.
One of the first applications could be a commercial van from Fiat and marketed under the Ram brand.
In the past, Chrysler has shown electric concepts of Jeeps, minivans and a sports car.
Category: Chrysler Business Plan
Posted by Robert Snell (The Detroit News) on Wed, Nov 4, 2009 at 6:02 PMCEO: Don't worry, be happy
Chrysler CEO Sergio Marchionne just finished speaking, ending a more than eight-hour event outlining the automaker's five-year business plan.
His closing comments mixed an appreciation for singer Bobby McFerrin (whose songs, drawn from Marchionne's personal music collection, were played inside the design dome all afternoon) and Machiavelli, the Italian philosopher.
Marchionne summed up the five-year plan this way: "When all is said and done, it is a commitment to building an enterprise of men and women of virtue."
Category: Chrysler Business Plan
Posted by Robert Snell (The Detroit News) on Wed, Nov 4, 2009 at 5:45 PMChrysler CEO: Hold me accountable
Chrysler CEO Sergio Marchionne is giving his closing address after his leadership team finished outlining the automaker's five-year plan.
"It's comprehensive, it's ambitious and it's a serious plan," he said. "It's a plan for which this leadership team ultimately wants to be held accountable."
Category: Chrysler Business Plan
Posted by Robert Snell (The Detroit News) on Wed, Nov 4, 2009 at 5:40 PMChrysler chief: We will invest billions
Chrysler will invest $23 billion in coming years to rebuild the automaker's product portfolio and manufacturing infrastructure, CEO Sergio Marchionne said.
Category: Chrysler Business Plan
Posted by Robert Snell (The Detroit News) on Wed, Nov 4, 2009 at 5:35 PMExec: Debt cut in half by 2014
Palmer forecasts Chrysler will cut its net debt in half from $8 billion next year to $4 billion in 2014.
Net revenue will rise from about $42.5 billion next year to about $67.5 billion in 2014.
Category: Chrysler Business Plan
Posted by Robert Snell (The Detroit News) on Wed, Nov 4, 2009 at 5:28 PMExec: Automaker will repay taxpayers by 2014
Palmer expects Chrysler will fully repay the government loans in 2014. The automaker and GM have received $62 billion in federal funding.
Chrysler will reach an operating profit break-even point in 2010 and break even on a net-income basis in 2011.
The automaker expects it will have about $7 billion in liquidity at the end of this year.
While a final decision will be made by the automaker's board of directors, an initial public offering is unlikely before 2011, Palmer said.
Category: Chrysler Business Plan
Posted by Robert Snell (The Detroit News) on Wed, Nov 4, 2009 at 5:21 PMExec delivers sales forecast
Chrysler forecasts doubling total vehicle sales from 1.3 million this year to 2.8 million in 2014, according to Richard Palmer, the automaker's senior vice president and chief financial officer.
The automaker predicts the U.S. market will grow from 950,000 vehicle sales to 2 million in the next five years.
Palmer acknowledged the forecast is aggressive, but believes it will take until 2011 to reach industry sales levels last seen in 2008.
Category: Chrysler Business Plan
Posted by Robert Snell (The Detroit News) on Wed, Nov 4, 2009 at 5:01 PMChrysler unveils new model plans
Several news items just announced by Joseph Veltri, vice president of product planning.
The Jeep Wrangler will get two new modifications next year and new interior plus a new powertrain in 2011.
Chrysler also will offer special commemorative editions for all Jeep models in 2011 to celebrate the brand's 70th anniversary.
In 2013, Jeep also will introduce a new small SUV, and new Compass, Patriot and Liberty based on Fiat platforms.
The Chrysler brand, meanwhile, will release a new Chrysler 300 and 300C next year, plus a major modification of the Sebring and Town & Country.
A new compact sedan is scheduled for 2012, followed by new small car, new Sebring and midsize crossover in 2013 -- all based on Fiat platforms. Finally, a new Town & Country is scheduled for 2014.
Also, a uni-body midsize Dodge Ram truck is under consideration for 2011.
