Fiat SpA is pushing ahead with plans to get 51 percent of U.S. No.3 carmaker Chrysler, a goal that boss Sergio Marchionne defined on Wednesday as “happiness” for the Italian car maker. Get the full story »
Chrysler
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Fiat to pay $1.5 billion stake of Chrysler: Sources
Italy’s Fiat SpA is looking to pay around $1.5 billion for an additional 16 percent in Chrysler, which it hopes to purchase in the coming months, three sources familiar with the matter said. Get the full story »
U.S. probes steering complaints on Dodge pickups
U.S. safety investigators have launched a new review of steering complaints in Dodge Ram pickup trucks that could result in a bigger recall of that vehicle, documents showed on Friday. Get the full story »
March auto sales gains riding in small cars
Most major automakers raced past expectations for U.S. sales in March as buyers flocked to smaller, more fuel-efficient cars in response to rising gasoline prices at the pump. Get the full story »
Toyota, Chrysler, Honda in latest recalls
Toyota Motor Corp. will recall about 22,000 vehicles because a tire-pressure monitoring system might fail to notify drivers of a flat or deflated tire. The recall affects Toyota Sequoia, FJ Cruiser, Land Cruiser, Tacoma and Tundra vehicles from 2008-2011.
Toyota has recalled more than 13 million vehicles since September 2009 in the U.S., including one recall of more than 2 million vehicles to correct problems with floor mats and other issues that could cause unintended acceleration.
Meanwhile, Chrysler Group will recall about 20,000 Jeep Wranglers from model years 2010 and 2011 to tighten the fasteners that attach the axles to the chassis. Federal safety regulators said the loose fasteners could lead to a loss of steering control, increasing the risk of a crash.
And American Honda Motor Co. will recall about 37,000 Civic hybrids from 2006-2007 to replace a voltage converter that can cause the engine to stall and prevent the car from being restarted.
Chrysler recalls vehicles for engine shutoff risk
Chrysler Group LLC recalled more than 248,000 crossover wagons and minivans because of a defect that could allow the key to slip while driving, causing the engine to shut down without warning.
Chrysler, which is managed by Italy’s Fiat SpA, said it knew of two rear-end collisions that may have stemmed from this problem, according to a notice posted on the National Highway Traffic Safety Administration website on Thursday. Get the full story »
Chrysler takes first step toward IPO
Chrysler Group LLC has taken the first step to re-enter the U.S. capital markets through filings with the U.S. Securities and Exchange Commission, the automaker’s boss Sergio Marchionne said Tuesday. Get the full story »
3 years into federal bailout, costs declining
Almost three years after a series of government bailouts began, what many feared would be a deep black hole for taxpayer money isn’t looking nearly so dark.
The brighter picture is highlighted by the outlook for the bailouts’ centerpiece — the $700 billion Troubled Asset Relief Program.
“It’s turning out to cost one heck of a lot less than what we all thought at the beginning,” said Ted Kaufman, a former U.S. senator from Delaware who heads the congressionally appointed panel overseeing TARP. Get the full story »
Chrysler CEO receives no salary for 2010
Sergio Marchionne, the chief executive of Chrysler Group LLC, did not receive a cash salary from Chrysler in 2010, the automaker managed by Fiat SpA revealed on Friday in a detailed filing with U.S. regulators.
Marchionne, who is also CEO of Italy’s Fiat, did receive a $600,000 stock grant for his services as a director on the company’s board from June 2009 until June 2010. Get the full story »
GM, Chrysler salaried workers to get bonuses
Most of the 26,000 white-collar workers at General Motors Co. will get performance bonuses of 4 to 16 percent of their base salaries this year, but payments to a small number could be 50 percent or more, the company confirmed late Thursday.
Chrysler Group LLC also will give bonuses to its white-collar staff, with payments expected on Friday. Both companies needed government bailouts in 2008 and 2009 to stay in business and make it through bankruptcy protection. Get the full story »
Ram Tradesman aimed at small biz, commercial fleets
In its second year as a standalone brand, Ram Trucks has positioned itself to take advantage of growing sales to small businesses and commercial fleets with the 1500 Tradesman.
Available in two or four wheel drive, the regular cab Tradesman offers a 10,400 pound towing capacity and 1,600 pound payload, to help the truck maker extend its sales gains to 10 straight months. Get the full story »
Dodge SRT8 line includes ‘man van’
Emphasizing its performance roots, Dodge displayed a family of SRT8 vehicles at the Chicago Auto Show media preview Wednesday.
The potent lineup of Hemi V-8 powered cats includes a Caravan “man van” with an all black interior to “scare off the regular minivan buyer” said Ralph Gilles, Chrysler design chief. Get the full story »
Can Chrysler score with 2-min. Super Bowl ad?
Chrysler Group LLC is hoping to catch its rivals off guard during the Super Bowl by running an unusual two-minute commercial during the most heavily watched U.S. television event of the year.
The U.S. automaker plans to run the ad during the third quarter of the National Football League’s championship game on Sunday, being played by the Green Bay Packers and Pittsburgh Steelers, Chrysler Chief Executive Sergio Marchionne said on Friday at a J.D. Power conference in San Francisco. Get the full story »
CEO: Chrysler must shed ’shyster’ bailout loans
Chrysler is working to refinance what its chief executive characterized as “shyster loans” that the Obama administration extended as part of a bailout to keep the automaker from collapse in 2009.
“I want to pay back the shyster loans,” Sergio Marchionne said at an industry conference, using a derogatory term for an unprincipled lawyer or politician. “Pay back the loans, get those out and then take (the company) public.”
Marchionne, who is also CEO of Italy’s Fiat SpA, has said repeatedly that the high interest rates on $5.7 billion that Chrysler owes to the U.S. Treasury have been an obstacle in the automaker’s return to profitability. Get the full story »
Marchionne: Chrysler/Fiat merger possible
Automotive News | Speaking at an auto industry conference in San Francisco, Chrysler and Fiat CEO Sergio Marchionne said Friday that the two companies could merge as a U.S.-based automaker after a Chrysler IPO.
