Chrysler Reveals 5-Year Business Plan
Auburn Hills, Mich. - Chrysler rolled out its new five-year business plan Wednesday, saying it intends to become "a great public company once again," reported the Los Angeles Times.
Now managed by and partly owned by Fiat, the Italian automaker, Chrysler desperately needs new cars to build its laggard sales, according to a number of analysts. So far this year, its sales are down nearly 40 percent.
The U.S. government has pumped $12.5 billion into Chrysler over the last year and now owns 10 percent of the company. A United Auto Workers health trust owns 55 percent of Chrysler, and Fiat owns a 20 percent stake, which could grow to 35 percent if management reaches performance objectives.
The United States has also won a promise that at least some of Chrysler's success, if it happens, would benefit U.S. workers.
Under the financing agreement, Chrysler must either manufacture 40 percent of its U.S. sales volume in the United States, or its domestic production must be at least 90 percent of its 2008 U.S. production volume.
The new Fiat management faces daunting challenges to its hopes of reviving Chrysler. Chrysler's business situation over the last year has been dire.
More Industry

RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →