It’s official. Chrysler Group LLC today confirmed the wire transfers have gone through, and the automaker has repaid loans from the U.S. and Canadian governments.
The automaker has repaid $5.1 billion in loans, as well as $1.8 billion in interest and other fees, releasing Chrysler from all monetary commitments to the governments less than two years after the bailouts kept them in business. Chrysler went to the capital market for lower-interest financing to get out from under the government loans that carried interest rates as high as 20 percent. The refinancing — which is much like refinancing a home mortgage — will save more than $300 million annually.
Today, Chrysler repaid the U.S. Treasury more than $5.9 billion; Canadian governments received $1.7 billion to retire their loans to the automaker.
At a celebration attended by 1,100 workers this afternoon at Chrysler’s Sterling Heights plant, Chrysler CEO Sergio Marchionne wore a pin that said “Paid” on his customary black sweater.
Category: Chrysler (Page 5 of 13)
What will Chrysler name it’s new commercial lightweight van? Don’t know yet but it should look real similar to this Fiat Doblo spotted in Michigan!
From Automobile:
One of our sharp-eyed readers managed to snap a few photos of something peculiar while on his way home from work — a European-market Fiat Doblo van wearing Michigan manufacturer plates.
Given the tie-up between Chrysler and Fiat, seeing the Doblo on U.S. roads isn’tthat strange; especially since there’s a chance this exact van may eventually be sold through Chrysler’s U.S. dealer network. Rumors have long swirled that the Doblo could join the Ram Trucks portfolio, providing the company with a light commercial van that can battle Ford’s Transit Connect here in North America.
European-spec Doblos are offered with the choice of five engines paired to either a five- or six-speed manual transmission. Diesel options range from a 90-hp, 1.3-liter, turbocharged inline-four cylinder to a 135-hp, 2.0-liter turbodieselI-4. The two gasoline-powered options use a 1.4-liter, naturally aspirated inline-four good for 95 hp (120 hp when powered by CNG). If the Doblo crosses the pond, a gas offering may be the only engine choice — but we think Fiat may have to upsize what’s found underhood in order to appease power-hungry American buyers.
Chrysler’s Jeep brand is announcing its exciting new partnership with Lenny Kravitz!
Lenny will be joining Chrysler’s advertising campaign for the 2011 Jeep Wrangler, which will include a new song, “Rock Star City Life,” from his next album, “Black and White America” and a new tag line – “Adventure is never ordinary.” Chrysler will also have some action-packed new spots to share with consumers featuring Lenny, which will show you what it’s like to get behind the wheel with Kravitz.
Chrysler has its first spot for you today called “Adventure Swamp”. Watch as Lenny takes his 2011 Jeep Wrangler into some of the muddiest, muggiest and dirtiest terrain we’ve seen yet. Check out the video below!
The “Road to Literacy” campaign is a Facebook-based campaign committed to improving literacy in schools across the country. Chrysler is enlisting the help of consumers to participate in the program via Facebook and test drives of the 2011 Chrysler Town & Country minivan at their local dealer. When you participate in a test drive, five books will be sent to the school of your choice and five books will be sent to a school in need. It’s that easy!
How Can You Get Involved: To participate, visit the “Road to Literacy” Facebook page and click on the “Donate Books” tab. Each participant will be asked to enter the school they would like to receive the book donation. Once the school has been selected, consumers can choose a local dealer to complete a test drive of the 2011 Chrysler Town & Country. Once the test drive at the local dealer is complete, the participant will be given a “unique donation dealer code” to be entered on the Facebook site. Once the code is entered by the participant, five books will be sent to their school of choice and five books will be sent to a school in need. The Chrysler Town & Country Facebook page offers a tracking tool to monitor the book donation progress and see which school is logging the most donations.
The Chrysler Brand will donate up to 150,000 books, and we would love to see your favorite schools be a part of this wonderful program! The program runs through June 1 and any school (pre-school – high school) in the U.S. is eligible and encouraged to join. To see promotion rules or to learn more about the program, please visit our Facebook page.
DETROIT (Bloomberg) — Fiat S.p.A. has options to increase its stake in Chrysler Group LLC to more than 70 percent as the U.S. government seeks to exit its investments in the auto industry.
Fiat has an option for 12 months to buy the U.S. Treasury’s remaining stake after it repays debts to the government, Chrysler said today in a filing with the U.S. Securities and Exchange Commission. Chrysler said in April it would issue new debt to repay the government loans, allowing Fiat to exercise an option to increase its stake to 46 percent from 30 percent.
The Treasury holds an 8.6 percent stake in Chrysler, the company said April 12. That amount would be reduced when Chrysler meets the final of three performance milestones that each give Turin, Italy-based Fiat an additional 5 percent stake. The final goal, to build a vehicle that gets 40 mpg in the U.S., should be met this year, Sergio Marchionne, CEO of both automakers, has said.
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