Word: autos
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...Fiat a controlling stake in the embattled 84-year-old company, which will be called Chrysler Group LLC and could serve as a model for the reorganization of larger rival General Motors, which filed for bankruptcy on June 1. The pact--the latest attempt to salvage America's sagging auto industry--creates the world's sixth largest car manufacturer. Analysts expect Chrysler to capitalize on Fiat's strengths by introducing smaller, more economical vehicles over the coming years...
...poured almost $2 trillion into highway and aviation systems, while passenger rail - like the wheezing federal Amtrak line - has received less than 3% of Washington's transportation dollars. Obama argues that the U.S. needs, economically and environmentally, a rail revival in order to relieve stressed auto and air infrastructure. That means emulating the long-established high-speed (more than 110 m.p.h., or 177 km/h) passenger-rail systems in Europe and Asia...
Whenever Sergio Marchionne talks about his latest calling - fixing auto companies written off as basket cases - he doesn't sound anything like most auto types. For a start, he's a lawyer and an accountant rather than a car engineer, and instead of getting bogged down in long discussions about the merits of one particular type of engine or gearbox, he likes to talk about Apple...
Marchionne's most interesting challenge is that Chrysler's new owners, postbankruptcy, are his employees - the United Auto Workers, which holds a 55% stake through its retiree trust fund. His other bosses include the U.S. and Canadian governments, which hold 8% and 2%, respectively. Fiat will start with a 20% stake, which could reach 35% if Chrysler succeeds. "Politics and unions are Marchionne's biggest risks," says Carnevale. "Having politicians on the board of directors will require very complex management...
...Marchionne gets mirror results, he'll make two governments and a union very happy. Fiat's auto unit, after 17 consecutive quarters of losses, finally turned a profit in 2005. The time to market for its cars has dropped from four years to 18 months...