Chrysler says that it is in advanced stages of securing an additional $3 billion in low-interest loans from the United States Treasury. The automaker received $4 billion out of the $17.4 billion the Treasury granted to Chrysler and General Motors. GM says it’s not asking for money and Ford has apparently abandoned its line of credit idea.
Previously, Ford had said it would request a $9 billion line of credit from the government should auto sales weaken later this year.
“We are making good progress to qualify for a total of $7 billion, which puts us in a really good financial position,” Chrysler Vice Chairman and President Jim Press told the Detroit News.
The Treasury didn’t make any comment regarding the talks, though it did confirm to the paper that it is in regular contact with the automakers.
01/12, 1:41 PM
posted by:
05Z88Path
In my opinion…Ford and GM are worth saving, Chrysler is not. Of course the whole threat that if one automaker goes down, they all go down will probably keep us bailing them out again and again.
01/12, 1:41 PM
posted by:
Borat
But why? Factories are closed, what the $$$ for?
01/12, 1:42 PM
posted by:
PW
Is the three-headed dog asleep? Perhaps Chrysler is scared it’ll (they’ll?) bite if they try to wake up the dog(s) for some money.
01/12, 1:47 PM
posted by:
Need more oil for GM
Don’t they know that they can buy U-haul boxes to pack their sh1t up? They don’t need anything fancy damn it, it’s just a going out of business situation
01/12, 1:51 PM
posted by:
Zcarsales
No, no, no, no, and no. If you’re a worker in a Chrysler and you hadn’t started looking for a job by now, shame on you.
01/12, 2:06 PM
posted by:
yarddog82abn
So the day that Nissan buy’s Chrysler, will that mean Nissan will have access to the rest of the loan?
And why has Nissan not jump on this opportunity?
01/12, 2:26 PM
posted by:
Dangerous1
Give them the 3 billion. I would rather have my tax dollars going to an American corporation than wasted away in Iraq. 10 billion dollars a month gets thrown away every month there.
Chrysler will take that money and design some vehicles that people might actually will want to buy.
01/12, 4:08 PM
posted by:
johnnycanuck
The 200C EV has restored my faith in Chrysler as a design house. I now have no reason to doubt that the next 300/Charger will be any less stunning. If that is their direction they are indeed worth saving. The only question that remains is can they get these to the market fast enough.
01/12, 4:37 PM
posted by:
ricky_b
If I thought they had products worth keeping, maybe I could sympathize. Unfortuneately, Chrysler hasn’t had appealing product in so long, I don’t think they can recover. Certainly haven’t seen any promising new car announcements or concepts at the Detroit Show. Cut them loose.
01/12, 6:12 PM
posted by:
JakeK66
There was no usual crazy concept from Chrysler this year, kind of sad in a way. They have always had some of the more interesting concepts at the show, anything from Plymoth Pronto to the Dodge Hornet to way back with the turbine powered car, but this year, nothing. It is a sad end to an era.
I’ll quote George W. by saying “I’m disapointed”
01/13, 9:40 PM
posted by:
Lariat Luxury Locomotive Liner No.3
Put the money into the American educational system. The US taxpayer will receive exponentially far more return than they ever will throwing it down the Chrysler/Cerberus hole.