Chrysler's CEO Speaks!
Now that Chrysler CEO Bob Nardelli has recovered from his back injury (after bending over backwards to assure his employer that the ailing American automaker wasn't about to implode), Boot 'Em Bob's amped-up the PR. (No, I don't attribute the end of the radio silence to yesterday's Chrysler Suicide Watch.) Nardelli appeared on CNBC [reported via Bloomberg] to tell the world that ChryCo "had" $9b in the kitty last year. Let's see… a $1.6b loss last year, a catastrophic sales decline this year, the need for a multi-billion dollar float to keep the lights on, massive capital investment in competitive new small car products– oh wait, scratch that. The bottom line? "We're still in very good shape," Nardelli told the network. Yes, well, he would say that, wouldn't he? But what about this? "I have to take charge to get us through 2008 and make sure we are better positioned to 2009," Nardelli said. I have to take charge? Not I am taking charge? Uh-oh. Continuing the theme of decisiveness, Nardelli revealed to Reuters that Chrysler "may have to go back and resize" production. Ya think? The truck-heavy company's sales declined 19 percent so far this year.
More by Robert Farago
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One thing I have learned is that when management starts telling you all is well, start heading for the lifeboats.
The jackets are b/c they couldn't afford to heat the offices... Now they are in shorts and flipflops b/c they can't afford suits or a/c... Seriously I hope Chrysler comes out of this much stronger and much, much wiser!!!
too bad Lee is retired!
I don't see much hope for chrysler. They don't have the capital to develop competitive new models. They don't have any overseas operations to draw new models from. I give them five years, tops.