Word: fiats
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...other words, for all the number-crunching and all the brute financial haircuts involved in these bankruptcies, at heart they are animated by the audacity of hope. The hope that Fiat's Sergio Marchionne can translate his turnaround mojo into a language Chrysler can understand. The hope that, having poured at least $1 billion into the innovative but commercially suspect Chevy Volt plug-in, GM can pivot into less costly hybrid and high-efficiency diesel technologies. (Perversely, the Administration might hope for $4-a-gallon gasoline to aid that quest...
That doesn't mean there won't be a truth commission, however. "We don't govern by fiat over here," says Axelrod. "If Congress wants to move forward, they will move forward... we are prepared for whatever...
...industry. Just this month, the fate of Opel, the German subsidiary of General Motors, has been at the top of the political agenda. Government ministers are refusing to loan the billions the carmaker says it needs to survive - and even imposing conditions on would-be buyers, which include Fiat. (See the 50 worst cars of all time...
...GMAC, GM's auto financing partner, and another $1.5 billion to Chrysler Financial, which once financed Chrysler vehicles. Chrysler Financial is now being de-commissioned since GMAC will take over the financing of Chrysler vehicles under President Obama's plan to reorganize the automaker into a joint venture with Fiat. (Read "Porsche and VW Agree to a Merger...
...This deal seems to be yet another sign of how hard the global automotive industry has been hit by the recession. The news of the Porsche-VW merger follows the announcement earlier this week by Italian carmaker Fiat that it wants to acquire U.S. automaker Chrysler, which the U.S. government forced into bankruptcy protection last week, and GM Europe. Fiat wants to merge with Chrysler and GM's Opel to create one of the largest car companies in the world. (See Chrysler's top ten moments...