Posts Tagged ‘Chrysler’
Fait, Chrysler announces the investment of $1.3 billion in the Turin plant for its Alfa Romeo
Fiat is the largest car owner of Italy and Chrysler which is the US subsidiary of it and owns a stake of 20% in it, has announced that there will be an investment 
as huge as $1.3 billion in order to make cars and sports cars. The first one to be rolled out is the Alfa Romeo Jeep. This will take place in Turin in Italy where Fiat has a large workshop.
This will enable a joint venture in the ability to bring on a production for cars and SUVs that have a market in the US but are manufactured elsewhere. The investment of $1.3 billion which has been chalked out for this is going to be divided equally amongst both the car manufacturers that is Fiat and Chrysler. The initial plan is to make about 280,000 cars. These cars are going to be sold locally in Italy, in the whole of Europe and the North American market as well.
Chrysler granted $1.5 billion federal loan
The new arm of Chrysler Financial Services LLC will receive $1.5 billion worth of federal loan, the US Treasury Department announced.
The five-year loan from the country’s bailout funds will be used to accommodate more loans to potential vehicle buyers. The loan, which was a part of the $700 billion Congress fund to rescue financial institutions, is contracted under a flexible interest rate.
Chrysler Financial was not the sole benefactor of the funds. Automotive companies like General Motors and Chrysler LLC were also given emergency loans. GMAC Financial Services, likewise, was also given financial aid.
Chrysler received its $4 billion in federal funding last January 2. The company announced that it will use the money to pursue its current automotive operations. Chrysler Financial received funding after it suddenly backed out of business in August. The said break down in the company’s financial arm cost Chrysler LLC more than 20 percent of its expected sales.
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