Chrysler CEO Bob Nardelli said on Thursday that it would be "very difficult" for the struggling No. 3 U.S. automaker to survive without government support. A failure of Chrysler, or another U.S.
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Minnesota auto dealer Denny Hecker sued Chrysler Financial Services today, saying the company cut off his credit line last week without warning. The complaint, filed in U.S.
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Minnesota auto dealer Denny Hecker sued Chrysler Financial Services today, saying the company cut off his credit line last week without warning. The complaint, filed in U.S.
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Electric vehicles are not flash-in-the-pan engineering projects for Chrysler LLC.
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PALM DESERT, Calif. (Reuters) - Chrysler LLC needs federal funding and an alliance with other automakers in the United States or abroad to survive a crisis as demand collapses and it burns through cash, Chief Executive Bob Nardelli said today.
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Canada's ailing auto industry would face further strain and an increased need of government assistance if Washington bailed out the industry south of the border, the CEO of Chrysler Canada said today.
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Hyundai Motor Co. says it has no interest in acquiring Chrysler LCC. "Our hands are full" with various expansion plans around the world, says Hyundai spokesman Jake Jang. "We have no interest in acquiring any company. That includes Chrysler.
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Hyundai Motor shares fell on Monday as investors worried the United States may harden its stance on car trade and on talk, already denied, that the automaker may target parts of money-losing Chrysler.
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Hyundai Motor has denied it is interested in taking over Chrysler's Jeep brand.
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A doomsday scenario sees almost 3m auto industry jobs in the US being lost in just 12 months if the Big Three carmakers, Ford, General Motors and Chrysler, crash.
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With sales plummeting 35 percent in October, Chrysler LLC dealers haven't had much to celebrate lately. But they were glad to hear on Friday that General Motors had called off merger talks with Chrysler.
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Without a federal bailout in the next three months or so, General Motors, Ford and Chrysler will face a financial collapse that could drag down suppliers, dealers and even import automakers.
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South Korea's Hyundai Motor Co. has had talks with Chrysler LLC owner Cerberus Capital Management LP about a potential acquisition of the U.S. automaker's Jeep brand and possibly other assets, people with knowledge of the talks told Reuters.
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Unsurprisingly, things aren't getting better for the Big Three. Yesterday, GM announced a 2.5-billion net loss for the 3rd quarter of 2008 alone. In the United States, the company sold 828,000 vehicles versus 1,047,000 during the same period in 2007; that's a 21% drop. In October alone, GM sales plunged 45%, and if the current trend continues, it will run out of money before the end of the year.
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General Motors is calling off talks with Cerberus Capital Management LP about a possible acquisition of Chrysler LLC.
General Motors has reported a net loss of US$2.5bn or $4.45 per share for the third quarter, including special items, signalled a liquidity crisis and said talks with Chrysler are off as the incoming president insisted he would help the beleagured industry. Announcing the results, GM CEO Rick Wagoner confirmed talks had taken place with Chrysler but said GM had eventually decided to address its liquidity problems as its top priority.
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General Motors has reported a net loss of US$2.5bn or $4.45 per share for the third quarter, including special items, signalled a liquidity crisis and said talks with Chrysler are off.
Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can't get government funding needed to ride out the economic crisis, people with knowledge of the situation said.
Chrysler will likely be broken up if it doesn't merge with another automaker or get government funding help.
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