Chrysler and Dodge Recalls 300,00 Minivans

- Chrysler and Dodge Recalls 300,00 Minivans



Aug 5, 2011

Chrysler has recalled just under 300,000 2008 Dodge Caravan, Chrysler Grand Voyager, and Chrysler Town and Country minivans due to air bags that inadvertently deploy, according to Consumer Reports.

The car company announced the leak in the air conditioning and heating system may cause the occupant restraint control module to fail, which could lead to an air bag deployment without warning or illumination of the air bag warning light.

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Chrysler Group Reports June Sales Up 30% From June 2010

- Chrysler Group Reports June Sales Up 30% From June 2010



Jul 1, 2011

Chrysler Group LLC reported U.S. sales of 120,394, a 30% increase over June of 2010 and its best month since 2007.

Reid Bigland, Head of U.S. Sales for Chrysler said, "Thanks to our alliance with Fiat, we now have 12 models that have EPA-rated highway fuel economy of 25 miles per gallon or higher, and four of those models get 30 mpg or more. This business is all about product and consumers are rapidly discovering everything we now have. Each Chrysler Group brand is contributing to our success and driving our 46 percent retail sales growth."

The company's Jeep brand posted a 74% year-over-year sales increase, the largest of Chrysler Group brands.

For the first six months of the year, Chrysler's sales are up 21% from 2010.

The company finished the month with a 68-day supply of inventory, 314,065 units. Chrysler estimates industry-wide sales figures for the month of June were at a seasonally adjusted annual rate of 11.8 million.

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Chrysler Recalls 11 Models For Steering

- Chrysler Recalls 11 Models For Steering



Jun 16, 2011

Chrysler Group LLC has recalled 11,351 cars, minivans, and others due to a manufacturing problem that can cause the steering to fail.

The problem has affected 11 models from the 2011 model year, but Chrysler does not know if it is the cause of any crashes or injuries according to a statement directed at the National Highway Traffic Safety Administration.

The National Highway Traffic Safety Administration said on Thursday that the steering problem caused by missing or incorrectly installed rivets, although may not be the cause of an accident yet, still increases the risk of a crash.

The Chrysler 200, Town and Country, Avenger, Caliber, Caravan, Journey, and Nitro are among the Chrysler vehicles that are being recalled. The Jeep Compass and Patriot, Liberty, and Wrangler SUVs are also getting recalled.

Dealers will begin checking vehicles still on the lot to ensure the rivet was installed correctly. Repairs on missing or incorrectly installed rivets will be free of charge.

The company had inspected 14,000 steering columns and found that seven were missing rivets or had them misaligned. There have been no known consumer complaints about the problem.

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U.S. Automakers Prepare for Massive Factory Hiring

U.S. Automakers Prepare for Massive Factory Hiring



May 31, 2011

General Motors (NYSE:GM), Ford (NYSE:F) and Chrysler (FIATY) are preparing for a massive factory hiring as the companies boost production to satisfy the returning appetite for new vehicles. All three automakers have recalled many laid-off workers after eliminating tens of thousands of hourly jobs during the downturn. All new entry-level workers from now on will start at about $14 an hour, about half the veteran wage, and less than the average U.S. manufacturing wage of $18.89 an hour, according to the Bureau of Labor Statistics.

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Chrysler Fully Repays Government Loans, Fiat Stake Increases To 46%

Chrysler Fully Repays Government Loans, Fiat Stake Increases To 46%



May 24, 2011

Chrysler said today it has fully repaid the U.S. and Canadian governments, more than six years earlier than it was required to, making final payments of $5.9 billion to the U.S. Treasury and $1.7 billion to the governments of Canada and Ontario.

"Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full and today we made good on that promise," Chrysler and Fiat CEO Sergio Marchionne said in a statement today.

Mr. Marchionne noted that Chrysler repaid its bailout loans faster than the last time the company got a bailout from the federal government back in the late 1970's when Lee Lacocca led the company.

As a result of the repayment, Fiat's stake in Chrysler will rise to 46%, putting the company close to its goal of 51% by the end of 2011. Once Chrysler develops a vehicle that gets 40 miles per gallon on a Fiat platform, a development expected in the fourth quarter, Fiat can increase its stake to 51%.

Chrysler paid more than $1.2 billion in interest on its debt in 2010, and is swapping out government debt with cheaper debt from institutional investors. The refinancing will not reduce the company's debt load, but will save the company more than $300 million a year in interest expenses.

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Chrysler Posts First Quarterly Profit In Nearly 5 Years

Chrysler Posts First Quarterly Profit In Nearly 5 Years



May 3, 2011

Chrysler Group reported its first quarterly profit since the second quarter of 2006 on Monday, posting earnings of $116 million in the first quarter of 2011, compared to a loss of $197 million in the year ago period.

Revenue surged 35% year-over-year to $13.1 billion, as both sales volume and pricing improved. The company sold 18% more vehicles globally in the quarter.

Chrysler is still a privately held company; the U.S. government owns 9%, Italian car company Fiat owns 30%, and the United Auto Workers trust fund ownsthe majority.

The company plans to offer shares to the public late in 2011 or early in 2012, with Fiat expecting to own a 51% share by then, as part of a structured plan for Chrysler to pay back government loans and get back on its feet.

Chrysler announced plans last week to repay $5.8 billion in loans to the U.S. Treasury Department and another $1.7 billion to the Canadian government, which also pitched in to help the company as part of the 2009 bailout.

Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC said, "Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers. These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles."

Marchionne added that the company is on pace to hit its worldwide sales target of 2 million vehicles for 2011, including 1.4 million in the U.S., despite

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