Dodge

Video: Chrysler and Eminem team up for 'Imported from Detroit' charity effort

David Walker, LeaseTrader.com — Tue, 02 Aug 2011 19:23:45 GMT

Video: Chrysler and Eminem team up for 'Imported from Detroit' charity effort

PRESS RELEASE

Chrysler Brand and Eight Mile Style LLC Release Gospel Version of 'Lose Yourself' from 'Selected of God' Choir

'Lose Yourself,' performed by 'Selected of God' choir, available for download on iTunes; Eight Mile Style to donate 100 percent of publishing proceeds to three local Detroit charities

Chrysler and Eight Mile Style launch the 'Imported from Detroit Project'

August 2, 2011 , Auburn Hills, Mich. - Chrysler Brand and Eight Mile Style LLC, a Detroit-based publisher of Eminem compositions, have partnered to release a gospel version of "Lose Yourself," available now for download on iTunes. The song is performed by "Selected of God," the choir featured in the Chrysler brand Super Bowl commercial "Born of Fire." Keeping in the spirit of the "Imported from Detroit" campaign, Eight Mile Style will donate all publishing proceeds from the music download to three local Detroit charities – Abayomi Community Development Corporation, The Yuinon and the Robert S. Shumake Foundation.

The song can be downloaded directly from iTunes (http://itunes.apple.com/us/album/lose-yourself-single/id453175291) for 99 cents. An accompanying music video, not available for download, can be viewed on YouTube (http://www.youtube.com/watch?v=sg4lSGGOfzE). The music video was produced by the Chrysler brand and filmed throughout Detroit.

"The Chrysler brand is firm in its commitment to the City of Detroit and we would like to continue to extend the generosity and goodwill generated from the Imported from Detroit campaign launched during this year's Super Bowl," said Olivier Francois – Chrysler Brand President and CEO and Lead Executive for Marketing, Chrysler Group LLC. "This new rendition of Lose Yourself is very moving, it is meant to inspire the listener from within and it perfectly captures the emotion felt in the Born of Fire commercial."

"Eight Mile Style is honored to be part of this project that gives back to the City of Detroit," said Jeff Bass, Principal of Eight Mile Style LLC. "By using the 'Selected of God' choir as its ambassadors, the 'Imported from Detroit' movement now has more meaning than ever – never give up, always give back."

In keeping with the spirit of the Imported from Detroit campaign, Eight Mile Style will donate 100 percent of all publishing proceeds from each song download to three charities:
Abayomi Community Development Corporation – www.abayomicdc.org
The Yuinon – www.yumentor.com
Robert S. Shumake Scholarship Foundation – www.shumakerelays.com

Imported from Detroit Project

Chrysler Brand and Eight Mile Style have also announced the launch of the "Imported from Detroit Project" (IFD). The IFD Project is a website created to highlight events and activities that promote the City of Detroit. The website will be updated regularly and will incorporate social media elements such as Twitter (www.Twitter.com/IFDProject) and Facebook (www.Facebook.com/IFDProject). For more information, visit www.IFDProject.com.

Born of Fire

"Born of Fire" debuted at the 2011 Super Bowl and was designed to generate a conversation about the Chrysler brand and the new 2011 Chrysler 200 sedan. The two-minute commercial, which was also a Super Bowl first, ignited a spark throughout the United States, as many felt a connection to the attitude and work ethic portrayed in the scenes and narration. The spot reflects where the brand is headed and pays tribute to its industrial roots. While the commercial focused on Detroit, in many ways, it encapsulated the spirit of the country and the comeback of the Chrysler brand and Chrysler Group.

The Chrysler brand chose the song, "Lose Yourself," because the lyrics speak to the ability to do anything we set our mind to do. The Chrysler brand, the company and its employees have adopted the principle that failure is not an option.

Born of Fire also revealed the tagline for the brand, "Imported from Detroit," created to convey the message that one does not have to cross an ocean to obtain luxury – it's available right here and evident in the Chrysler brand product lineup.

About Abayomi Community Development Corporation (www.abayomicdc.org)

The Abayomi Community Development Corporation ("Abayomi", a term from the Yoruba tribe in West Africa which means "a pleasant meeting place", pronounced a-ba-yo-mee), is a 501(c)(3) human services nonprofit organization serving the metropolitan Detroit area. Abayomi has provided community & economic development, education, and recreation programs to over 8,000 youth and families in the far Northwest and metropolitan Detroit area for over 10 years. Our goals are to establish an awareness of the value of family, improve socioeconomic conditions and increase the level of dignity and personal achievement within the Detroit community.

About The Yuinon ( www.yumentor.com)

The Yuinon (pronounced "union") Inc. is an innovative, faith-based, holistic youth development organization founded in Detroit in 2003. Our youth development philosophy is rooted in relationship. More so than a program, a lasting relationship by a caring adult with a youth has proven to be the most effective way to truly encourage and support them. This approach has enabled us to maintain contact with youth that we have engaged in various capacities including: prevention programs, conferences, seminars, youth groups, and recreational outreach. We have provided such services for thousands of youth since our inception through partnerships with schools, community groups, juvenile detention centers, and churches. We are excited that we can now count the U.S. Department of Education as a partner willing to be a resource that enables us to support three hundred 4th-8th graders in Detroit with mentors who will help give them a foundation for success!

About Robert S. Shumake Scholarship Foundation (www.shumakerelays.com)

The Robert S. Shumake Scholarship Relays is a premier class A track and field competition for high school students across the nation. Its unique model is unprecedented in that it has a dual focus. The Shumake Scholarship Relay competition highlights both athletic ability and academic achievement. Prizes are awarded to the athlete on each team with the highest grade point average, teams with the highest score at the end of the meet and athletes who place 1st through 8th. Since 2005, over 2,000 athletes (boys and girls) representing over 65 teams participated in this track and field event. This year an estimated 80 teams will participate with over 2,500 athletes.

About Selected of God Choir

Larry Callahan and Selected of God is a community-based choir affiliated with Praise Tabernacle in Grosse Pointe, Mich. In October 2008, Selected of God became an award winning choir by being named the Best Small Choir in the Detroit Region at the How Sweet the Sound Competition. Their travels include churches and concert halls across the Midwest and South, numerous churches and venues in their home city, Detroit.

About Chrysler Brand

The Chrysler brand has delighted customers with distinctive designs, groundbreaking technology, craftsmanship and intuitive innovation – all at an extraordinary value – since the company was founded in 1925.

The Chrysler brand continues that tradition in 2011 with a rejuvenated, stylish, well-crafted product lineup. Every 2011 vehicle the brand sells is all-new or significantly redesigned and engineered from the ground up. This succession of innovative product introductions propels the brand's standing as the leader in design, engineering and value. "Design with purpose" puts the premium for the Chrysler brand in the product, not the price.

The new Chrysler Town & Country minivan, the best-selling minivan in the United States in 2010, leads the way with a new powertrain offering best-in-class horsepower; an all-new, exquisitely crafted interior that includes improved Stow 'n Go® seating; an updated, elegant exterior design and over 40 standard safety and technology features on every model, including SafetyTec which includes blind spot monitoring, rear cross path detection, ParkSense® rear park assist, ParkView® rear back-up camera, rain-sensing wipers and SmartBeam headlamps. The Chrysler Town & Country minivan has won the R.L. Polk Loyalty award an unprecedented 10 times in-a-row.

The new 2011 Chrysler 200 sedan and Convertible offer elegant styling within a vehicle segment often noted for its "sea of sameness." A stylish new exterior and all-new interior will wow consumers with its craftsmanship, high-quality materials and understated elegance. The new powertrain and major suspension overhaul provides a confident, spirited driving experience. Every safety feature is standard on the 200 sedan and 200 Convertible, and all models are packed with standard features at a price that offers customers a remarkable value.

With its elegant proportions and head-turning style, the all-new 2011 Chrysler 300 takes the "most award-winning new car ever" to new heights – combining the best of the nameplate's 56-year history with world-class craftsmanship, execution and upscale materials. Unmistakable proportions with added design, refinement and a more tailored appearance provides the all-new Chrysler 300 sedans with distinctive styling. By combining world-class accommodations with American style, the all-new Chrysler 300's interior features an expressive and elegant design with authentic materials, passenger comfort features and precise fit and finish. The 2011 Chrysler 300 sedans deliver grand-touring performance and world-class handling with efficient powertrains and new second-generation E-segment chassis architecture. Customers will feel connected, comfortable and secure with state-of-the-art connectivity, infotainment and more than 70 safety and security features. The iconic vehicle of the Chrysler brand sets the new standard for American sedans.

Fiat now has 52% ownership stake in Chrysler LLC

David Walker, LeaseTrader.com — Fri, 03 Jun 2011 15:25:59 GMT

Fiat now has 52% ownership stake in Chrysler LLC

Fiat Auto has officially agreed to buy the U.S. Treasury's remaining 6% interest in Chrysler, boosting Fiat's ownership stake to 52%. That deal has been in the wind, but was finalized only late Thursday, the Associated Press reports.

AP says Fiat will pay $500 million for all of Treasury's Chrysler holdings. The deal must pass muster with U.S. regulators, which could take as long as three months, though an OK is expected sooner, according to the AP report.

The government is expected to lose about $1.3 billion on its bailout loans to Chrysler once the Fiat deal concludes.

"This is a monumental achievement for both the U.S. government and Chrysler," says Jesse Toprak, vice president of industry trends and analysis at TrueCar.com. "Just 23 months ago, we were unsure if Chrysler was going to be able to survive.

"Fiat is a powerhouse and has a great track record across the globe," Toprak says.

Fiat got management control of Chrysler and a minority stake as part of Chrysler's bankruptcy reorganization in 2009. In return, Fiat promised to share its small-car expertise with Chrysler, giving the U.S. automaker a line of fuel-efficient models it has lacked.

Fiat launched its 500 minicar in the U.S. in March, sold from separate showrooms, called "studios," by hand-picked Chrysler dealers and a few outsiders. The Italian maker will use that beginning to bring more Fiat and Alfa-Romeo cars to the U.S.

Chrysler will sell some Fiat-designed, Chrysler-built small cars at Chrysler/Dodge/Jeep/Ram dealerships, though it won't have a Chrysler venison of the Fiat 500.

Fiat CEO Sergio Marchionne, who became Chrysler CEO as part of the bankruptcy deal, pushed Chrysler to quicken planned upgrades to its models, beginning with the redesigned Jeep Grand Cherokee. That vehicle has been a big success among critics and buyers. Grand Cherokee sales this year through May were up 192.2% from the year-ago period, according to sales-tracker Autodata.

The entire Jeep lineup has been tweaked under Fiat's control and Jeep sales are up 55% through May, in a market up 14%, Autodata says.

More details from the AP story, including how the $1.3 billion U.S. loss is figured:

"The U.S. government ultimately will lose around $1.3 billion in the deal. The government authorized $12.5 billion in loans for Chrysler from the end of 2008 through Chrysler's bankruptcy filing in the summer of 2009. The Treasury Department said Thursday that Chrysler has repaid $11.2 billion - including $2 billion in undrawn loans - but it is unlikely to recover the rest.

"Government officials have long said that they didn't expect to recover the full amount they loaned to Chrysler and General Motors during the auto industry downturn, and that their top priority was saving thousands of auto jobs.

"'We didn't do this to maximize return. We did it to save jobs,' Treasury Secretary Timothy Geithner said during a trip to Detroit in April.

"On Thursday, Geithner noted that GM and Chrysler are hiring again and making new investments at U.S. plants, which wouldn't have happened had they gone bankrupt.

"Fiat also agreed to pay $75 million for the right to purchase the Chrysler shares held by a trust for retired autoworkers. The Treasury Department will receive 80% of those proceeds, or $60 million, while the government of Canada will get $15 million. The trust holds a 47.5% stake in the company. It is expected to sell its shares when Chrysler eventually holds an initial public offering, which could happen later this year or early next year."

[ Source: USAToday ]

Chrysler exceeded Wall Street expectations posting first net profit since bankruptcy

David Walker, LeaseTrader.com — Mon, 02 May 2011 16:32:50 GMT

Chrysler exceeded Wall Street expectations posting first net profit since bankruptcy

DETROIT -- Chrysler Group -- the U.S. automaker that has survived two ownership changes and a U.S. bailout in the past four years -- today reported its first net profit since emerging from bankruptcy in June 2009.

Chrysler posted net income of $116 million for the first quarter, compared with a net loss of $197 million a year earlier. Revenue jumped 35 percent to $13.1 billion as global vehicle sales increased 18 percent.

Cash rose to $9.9 billion on March 31 from $7.3 billion three months earlier.

Analysts at Morgan Stanley & Co., in a report issued this morning, called the results "impressive" and noted Chrysler exceeded Wall Street expectations "on all levels."

Chrysler also said it generated free cash flow of $2.5 billion -- up from $1.6 billion during the same quarter last year. Morgan Stanley called that result "the key positive surprise for us, leaving net debt at only $3.4 billion."

"Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace," said CEO Sergio Marchionne in a statement.

It's "too early to declare them the comeback kid, but they are back in the ring fighting," Warren Browne, a vice president at consultant AutomotiveCompass LLC, said in an e-mail before the release.

Milestones reached

The profit punctuates the ongoing reconstruction of Chrysler by Italy's Fiat S.p.A., which took management control as part of the U.S. government bailout two years ago.

Chrysler had been steered by private equity firm Cerberus Capital Management, which acquired 80 percent of the U.S. automaker from Daimler AG in May 2007 for $7.45 billion.

Today's profit announcement marks the second financial milestone reached by Chrysler within a week. On April 28, Chrysler said it intends to repay its U.S. and Canadian rescue loans this quarter via a new term loan and debt offering.

Marchionne has said that high interest rates, up to 14 percent on U.S. loans and 20 percent on Canadian loans, kept Chrysler from reporting a profit in 2010. Chrysler owes the U.S. government $5.8 billion and the Canadian government $1.7 billion.

Repaying the loans would allow Fiat to exercise a call option to increase its ownership stake in Chrysler to 51 percent, a level Fiat hopes to achieve in the fourth quarter.

Diversified portfolio

On April 12, Fiat boosted its stake in Chrysler to 30 percent, the second of three 5 percentage point additions allowed under terms of the bailout.

The latest was triggered after Chrysler achieved $1.5 billion in revenue from sales outside the United States, Canada and Mexico.

Chrysler is banking on its relationship with Fiat to diversify its portfolio of vehicles -- which has been dominated by trucks, minivans and SUVs -- toward a more fuel-efficient lineup including small- and mid-size cars built on Fiat platforms.

The Fiat 500 small car has just begun selling in some U.S. Chrysler dealerships.

Under Fiat management, Chrysler revived its lineup by introducing 16 new- or heavily revamped vehicles in 2011. Chrysler's U.S. market share increased to 9.2 percent in the first quarter, up from 9.1 percent a year earlier.

The new products have benefited from the company's "Imported from Detroit" ad campaign that included a successful Super Bowl advertisement featuring rapper Eminem. Riding that marketing momentum, Chrysler's U.S. vehicle sales rose 23 percent in a market that improved 20 percent. In March, Chrysler sales rose 31 percent.

April results are scheduled for release on Tuesday.

Refinance details

In a separate announcement, Chrysler said today that it would borrow $3.5 billion in a senior secured six-year term loan and $2.5 billion in secured bonds that will have eight- and 10-year maturities.

Chrysler plans to use the term loan, bonds and $1.27 billion in cash from Fiat to refinance its government loans during the second quarter.

The company also confirmed plans to secure a $1.5 billion five-year revolving credit facility, as sources previously told Reuters.

A refinancing deal would bolster Chrysler's balance sheet, making it more attractive for an initial public stock offering. The deal also paves the way for Fiat to take majority control of the U.S. automaker.

Source: [Automotive News ]

RECALL: Chrysler recalling 575,000 Jeeps, Minivans

David Walker, LeaseTrader.com — Mon, 07 Jun 2010 18:34:47 GMT

RECALL: Chrysler recalling 575,000 Jeeps, Minivans

Chrysler Group LLC is currently recalling 575,000 Dodge and Chrysler minivans and Jeep sport utility vehicles for brake line wiring defects.

Chrysler has already recalled 288,968 all Jeep Wranglers from 2001 - 2010 to repair a defect caused when the right-front and left-rear brake lines touch inside the fenders liners, which may lead to a brake line to break and leak fluid raising the risk of a crash, stated by the National Highway Traffic Safety Administration webpage today.

Chrysler isn’t aware of any accidents caused by the fluid leak,. Repairs will begin this month,. All Chrysler vehicle owners are directed to call Chrysler at 1-800-853-1403 and or visit the NHTSA’s website.

“A brake fluid leak can cause partial loss of service brakes at the affected wheel, increasing the risk of a crash,” in a statement made today byNHTSA.

Chrysler also recalled 284,831 Dodge Grand Caravan and Chrysler Town & Country minivans from the 2008 – 2009 for wire ware that could short circuit due to the sliding door hinge.

Recall – Chrysler - Dodge Ram 2500 and 3500 Heavy Duty pickup trucks

David Walker, LeaseTrader.com — Thu, 06 May 2010 14:32:08 GMT

Recall – Chrysler - Dodge Ram 2500 and 3500 Heavy Duty pickup trucks

Today Chrysler has voluntarily recalled over 186,000 diesel powered Dodge Ram 2500 and 3500 Heavy Duty pickup trucks. Model Year 2007 through 2009

This recall includes all trucks equipped with 6.7-liter Cummins diesel engines that falsely illuminate the check engine warning under certain conditions, causing the engine to produce large amount of soot that could possibly damage the turbocharger, exhaust gas recirculation valve and diesel particulate filter and result in increased emissions.

To solve this issue, dealers will update the engine control module firmware. The upload and diagnostic could take about an hour to complete.

Special Note for California Residents

We have been told by sources at Pickuptrucks.com., you will be unable to renew your registration of your Dodge Ram pickup truck equipped with 6.7-liter Cummins diesel engines in California if you don't get the recall repaired. The Department of Motor Vehicles will require proof of the repair prior to renew of your registration.

NHTSA may Recall Dodge Calibers for Accelerator Problems

David Walker, LeaseTrader.com — Mon, 03 May 2010 14:30:01 GMT

NHTSA may Recall Dodge Calibers for Accelerator Problems

DETROIT—Chrysler Group LLC said the National Highway Traffice Safety Administration is investigating a potential "sticky accelerator pedal" problem on some of its 2007 Dodge Calibers.

The auto maker said an internal probe finds that consumer complaints are confined to fewer than 10,000 Calibers that were built during a five-week window in March and April 2006.

The problem appears to be a supplier concern and is a mechanical, not electrical, issue, the auto maker said in a statement Monday. There have been no reports of accidents or injuries, and the vehicles are equipped with a "smart brake" system. The system automatically overrides the gas pedal if the accelerator and brake are applied at the same time.

Chrysler said it is cooperating with the NHTSA and urges consumers who bought a Caliber between March and April 2006 to get to their Dodge dealer for a free inspection. The company said it is too soon to tell if a recall will be needed.

Source; [ Wall Street Journal ]