Posted by Dale Buss on December 23, 2011 05:01 PM
Three Christmases ago, Chrysler looked beaten. Always the feeblest of America's Big Three auto makers, Chrysler's ownership by Cerberus had been non-productive, and at the end of 2008 the company was caught badly with a lagging product line and in the midst of the biggest downdraft in U.S. auto sales in a half-century.
But within a few months, Fiat would come to Chrysler's rescue and accept the automaker's carcass from the U.S. government in a taxpayer bailout.
Now, Chrysler is returning the favor in a fashion. While Fiat's European operations are being dragged down by intense small-car competition in that market and, of course, the seeming collapse of the eurozone, as well as the fiscal troubles of Italy per se, Chrysler is experiencing an all-American renaissance that is helping keep its new owner from sinking too far.Continue reading...
Posted by Shirley Brady on October 19, 2011 08:55 AM
Apple reports China as its second-largest market by sales after US. Apple stores will close for a few hours today for an employees-only memorial webcast celebrating Steve Jobs' life.
Amazon's IMDb sued for disclosing actress' real age, while digital deal with DC Comics irks rivals.
Audi-Ford price gap is widest since 1999.
Bank of America is no longer America's largest bank.
Deezer to launch music streaming service in more than 100 countries.
Diageo triumphs in alcohol brand battle.
Disney battles environmentalists at parks, while fans crash website in search of princess dolls.Continue reading...
Posted by Shirley Brady on April 20, 2010 01:47 PM
Italy's Fiat SpA industrial group is getting out of the car-making business, announcing today its board's decision to spin off its automotive manufacturing division. Fiat chairman Luca Cordero di Montezemolo will step down from that role, but remain as the chairman of its luxury unit, Ferrari.
Fiat's luxury Maserati and Ferrari units are run separately from its automotive unit, which includes the Fiat brand, Lancia and Alfa Romeo.
The surprise spin-off news, as reported by Reuters, the New York Times and others, comes a day ahead of Fiat's two-year strategy plan, to be presented tomorrow to shareholders and the press at its headquarters in Turin.Continue reading...