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It’s Chrysler’s Turn to Save Fiat

Increasingly healthy, Amerian automaker offsets mounting losses in Europe.

by on Nov.16, 2012

Reporters catch the speech by Fiat/Chrysler CEO Sergio Marchionne at the Mack Engine Plant.

Chrysler Group LLC operations in the U.S. are profitable enough to support Fiat indefinitely during the unfolding European economic crunch, according to Sergio Marchonne, who serves as chief executive officer of both companies.

Fiat is sitting on more than $12 billion in cash, and “It has more resources in its industrial business,” Marchionne told reporters after announcing plans to invest $240 million as Chrysler creates 1,250 new job in the Detroit area over the next year by adding a third crew at its truck assembly plant in the suburb of Warren, and brings an engine plant in Detroit back online.

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Chrysler has rapidly expanded its operations – reviving several abandoned plants and adding thousands of new jobs – since Fiat effectively took control following the U.S. maker’s bankruptcy in 2009.  Now, it appears to be returning the favor as Fiat’s losses mount in the wake of the worst economic crisis Europe has faced in decades.


Chrysler Profit Triggers First Profit-Sharing Checks Since 2005.

CEO Marchionne reveals Chrysler earnings offset Fiat deficit.

by on Feb.02, 2012

Chrysler workers will get $1,500 profit-sharing checks - and stand to earn another $1,750 if the maker can deliver four consecutive quarterly profits.

Chrysler workers have a variety of reasons to be pleased about the maker’s improving fortunes. They’re not only seeing thousands of jobs added but receiving their first profit-sharing checks since 2005 as a result of the maker landing in the black for the first time since 1997.

Meanwhile, Sergio Marchionne, the CEO of both Chrysler and Fiat, said the U.S. makers positive net offset a deficit at its Italian rival, which has been hammered by the European financial crisis – which has been particularly severe in Italy.

Marchionne wrote to U.S. hourly employees – who negotiated an improved profit-sharing formula as part of last-year’s new contract with the United Auto Workers Union, advising them they would get an average $1,500 each.

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“This is a reward that you have earned,” Marchionne proclaimed. “Your efforts rewrote the history that so many naysayers had forecast,” he added, a reference to the many outside skeptics who argued in favor of shutting down Chrysler rather than approving the maker’s 2009 federal bailout.