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Chrysler Turns 1st Profit Since Bankruptcy

Revenue climbs 35% as Big Three return to profitablility

(Newser) - Good news for Detroit: The Big Three automakers are all profitable once again. Chrysler has reported its first net profit since leaving bankruptcy nearly two years ago, with a net income of $116 million in the first quarter. The firm saw revenue jump 35% to $13.1 billion compared to...

Critic Quits After Paper Softens Chrysler 200 Review

Most scathing lines removed after advertiser complained

(Newser) - You know that spiffy new Chrysler that Eminem is all excited about? The one that’s "imported from Detroit"? Well, apparently you can only be so critical about it in the Detroit News. The paper’s auto critic, Scott Burgess, made some rather scathing comments about the Chrysler...

Groupon's Tibet Ad Enrages; Other Hits, Misses
 Groupon's Tibet Ad 
 Enrages; Other Hits, Misses 
Super Bowl Ads

Groupon's Tibet Ad Enrages; Other Hits, Misses

'Can anyone be more stupid than Groupon?' wonders one blogger

(Newser) - Man, isn’t the plight of the Tibetan people hilarious? Groupon hit a real nerve last night with a Super Bowl commercial that seemed to exploit said plight for yucks. “The people of Tibet are in trouble. Their culture is in jeopardy,” says narrator Timothy Hutton. “But...

Chrysler Only Lost $199M This Quarter
 Chrysler Only Lost 
 $199M This Quarter 
Good news!

Chrysler Only Lost $199M This Quarter

Expects to be profitable next year

(Newser) - Chrysler lost $199 million in the fourth quarter, but that qualified as good news for the beleaguered automaker—after all, it lost a whopping $2.7 billion over the same period in 2009, the AP reports. The company says it expects to jump to profitability in 2011, setting the stage...

Fiat Splits in Two, May Up Stake in Chrysler to 51%

But says it has no plans to merge operations

(Newser) - Fiat traded as two separate companies today, after spinning off its trucks and tractors units, which will henceforth be known as Fiat Industrial, from its passenger car business on Jan. 1. The move has been widely praised, and could lead to a tighter integration between Fiat and Chrysler, according to...

Goodbye, PT Cruiser: Chrysler Pulls Plug Friday

Retro car's sales had slowed to just 5,500 this year

(Newser) - The PT Cruiser was the unexpected smash hit of 2000, evoking images of Al Capone and tommy guns with its sleek retro lines, and catapulting its way to be Chrysler's sales juggernaut, with some buyers paying thousands more than the sticker price to get their hands on one. But a...

Chrysler Rolling Out 'Man Van'

It hopes to take the wimp factor out of the mini van

(Newser) - Chrysler has tackled the "soccer-mom" image of the minivan and came up with what it calls the "man van"—a special version of its Dodge Grand Caravan that it hopes will appeal to men. Expected to become available in a few months, the new minivan offers a...

US Vehicles Edge Out Imports in Quality

Ford highest-ranked carmaker overall, Toyota falls

(Newser) - American automakers scored higher marks on quality than their foreign rivals for the first time since the JD Power survey began in 1986, the Detroit Free Press reports. A dozen Ford models ranked in the top three in their segments, making it the highest-ranked automaker overall. Ford's namesake brand ranked...

Chrysler Launches Massive Recall

Order covers hundreds of thousands of Jeeps, minivans

(Newser) - Chrysler is recalling almost 600,000 minivans and Jeep Wranglers in the US and another 100,000 elsewhere because of brake or wiring problems that could create safety issues, the company and federal regulators said today. The company is recalling 288,968 Jeep Wranglers from the 2006 through 2010 model...

GM to Restore About 600 Dealerships

Half of those that appealed will be allowed to stay open

(Newser) - About 600 GM dealerships are getting a second life. Of the 1,160 dealers who appealed orders to shut down as part of bankruptcy proceedings, approximately half will be allowed to stay open. But one dealer tells the Detroit News that it's no cause for celebration until the conditions are...

Best, Worst Super Bowl Ads

Megan Fox is great, but most ads are in 'meh' territory

(Newser) - It's a rare year when the Super Bowl itself eclipses the ads, but 2010 was such a year. Bob Garfield declares in Advertising Age that most of the spots were skippable and asserts he is "totally pro-TiVo." His picks for a few of the (relatively speaking) best and...

Ford Sales Rise 33% as GM, Chrysler's Fall

But all three domestic automakers suffered in '09

(Newser) - Ford continued to dominate its domestic rivals in December, with the carmaker the only one of the "big three" to see sales advance. The company's US sales rose 33%, marking Ford's best month since May 2008. GM saw a 6% sales decline for December, while Chrysler's sales were down...

Pay Czar OKs Rule-Busting Pay at Bailout Firms

$500K cap lifted for top auto industry execs

(Newser) - "Pay czar" Kenneth Feinberg has made more exceptions to the $500,000 salary cap for execs at bailed-out firms. Compensation packages approved this week include a $9.5 million plan for GMAC CEO Michael Carpenter, which includes a $950,000 salary, Reuters reports. The exemptions were agreed to because...

GM CEO Henderson Resigns
 GM CEO Henderson Resigns 

GM CEO Henderson Resigns

Move comes as sales figures show industry stabilizing

(Newser) - General Motors CEO Fritz Henderson has resigned after only 8 months in his post. He will be replaced on an interim basis by board chairman Ed Whitacre Jr. Henderson took over in March and led the company through bankruptcy proceedings and helped it toward its goal of scaling down to...

Pay Czar Cuts Bonuses, But Boosts Salaries

Feinberg beefs up base base to help firms retain talent

(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136...

Chrysler Adds Fiats, Dumps Dodge, Jeep Models

Revamped automaker will reintroduce Alfa Romeo to US

(Newser) - Now four months out of bankruptcy, Chrysler is set to unveil a new business plan that relies heavily on models from Fiat, its Italian partner, and abandons many American cars. The company will reintroduce the luxury Alfa Romeo to the US and also bring in a Mexican-built Fiat 500, the...

50% Pay Cuts for Bailout Execs Due Today

Warren confirms cuts to 25 top earners at 7 companies

(Newser) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by...

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the...

Recession Crushes White-Collar Michigan

Layoffs, property price plunge leaves middle-aged workers in limbo

(Newser) - Tens of thousands of middle-aged white-collar workers have been left jobless and stranded in Michigan by the recession, the Wall Street Journal reports. Auto industry veterans laid off by the Big Three are finding themselves competing against against younger people for a smattering of job openings. With property prices down...

Clunkers Drives Ford's August Sales Up 17%

Hyundai surges 47%; GM drops 20% and Chrysler 17%

(Newser) - Cash for Clunkers reverberated through August auto sales reports released today, with Ford and Hyundai scoring big jumps, the Wall Street Journal reports. The winners and losers:
  • Ford's light vehicle sales rose 17% year-over-year, with the Focus and Escape both in the top eight most popular vehicles purchased through the

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