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Apr 29, 2013

Chrysler sales slump ahead on new model launches

DETROIT/MILAN, April 29 (Reuters) – Carmaker Fiat’s
first quarter profit slumped more than expected as its U.S. unit
Chrysler’s sales suffered from the phase out of the Jeep Liberty
pending a new model launch.

“We knew we would be limping in the quarter. I just didn’t
think I was going to limp that much,” said Sergio Marchionne,
chief executive of both Chrysler and its parent Fiat, on a
conference call with analysts and reporters.

Apr 29, 2013

XxUPDATE 3-Chrysler sales slump ahead on new model launches

DETROIT/MILAN, April 29 (Reuters) – Carmaker Fiat’s
first quarter profit slumped more than expected as its U.S. unit
Chrysler’s sales suffered from the phase out of the Jeep Liberty
pending a new model launch.

“We knew we would be limping in the quarter. I just didn’t
think I was going to limp that much,” said Sergio Marchionne,
chief executive of both Chrysler and its parent Fiat, on a
conference call with analysts and reporters.

Apr 29, 2013

Chrysler earnings down 65 percent on product launches

By Bernie Woodall

(Reuters) – Chrysler Group LLC’s quarterly profit fell 65 percent as it absorbed the costs of new-vehicle launches, the company said on Monday.

The No. 3 U.S. automaker also reaffirmed its financial forecasts for 2013, including net income of about $2.2 billion.

Apr 20, 2013

Jeep looks to make an SUV in China by end 2014: executive

SHANGHAI (Reuters) – - In order to compete in the fast-growing SUV market in China, Jeep wants to produce a vehicle in the No. 1 global auto market by the end of 2014, Jeep’s top executive said on Saturday at the Shanghai auto show.

The “obvious choice” for a Jeep product to be made in China is the Cherokee, which was recently introduced in Jeep’s primary U.S. market and will be on sale in the fourth quarter in China, said Mike Manley, CEO of the Jeep brand of the Chrysler Group.

Apr 20, 2013

Jeep looks to make an SUV in China by end 2014 – exec

SHANGHAI, April 20 (Reuters) – - In order to compete in the
fast-growing SUV market in China, Jeep wants to produce a
vehicle in the No. 1 global auto market by the end of 2014,
Jeep’s top executive said on Saturday at the Shanghai auto show.

The “obvious choice” for a Jeep product to be made in China
is the Cherokee, which was recently introduced in Jeep’s primary
U.S. market and will be on sale in the fourth quarter in China,
said Mike Manley, CEO of the Jeep brand of the Chrysler Group.

Apr 15, 2013

Ford sees profit in China after expansion push

SHANGHAI, April 16 (Reuters) – In 2006, as China’s
automobile market was fast becoming the juggernaut that by 2009
would overtake the United States in vehicle sales, Ford Motor Co
executives were spending only 10 percent of their time
working on Asia.

Now, China and the rest of Asia take up 35 to 40 percent of
weekly meetings of Ford’s top executives, many hooked in by
video conference from around the world.

Apr 15, 2013

Ford eyes doubling market share in China auto market

SHANGHAI, April 15 (Reuters) – Ford Motor Co Asia
chief Dave Schoch confirmed the company can double its share to
6 percent of the Chinese passenger vehicle market over the next
three years as it rolls out a spate of new products.

Schoch on Monday stood by the forecast he first made last
year.

“Yeah, I think we can probably get there,” Schoch said to
reporters ahead of the upcoming Shanghai auto show.

Mar 28, 2013

Protesters march in Detroit to block financial emergency law

DETROIT, March 28 (Reuters) – Protesters chanted slogans and
marched on government buildings in Detroit on Thursday in
support of a lawsuit that seeks to halt Michigan state-appointed
emergency managers taking over six economically strapped cities,
including the home of the U.S. auto industry.

The lawsuit, filed on Wednesday by a coalition of civil
rights and religious groups, labor leaders and elected city
officials, claims that Michigan’s emergency manager law enacted
in December “effectively establishes a new form of government”
in the state.

Mar 25, 2013

Automakers pitch in to help Detroit as state takeover begins

DETROIT (Reuters) – U.S. automakers joined other Michigan businesses on Monday in donating $8 million for new ambulances and police cars to Detroit as state-appointed emergency manager Kevyn Orr took over running the destitute city.

Bankruptcy attorney Orr slipped into city hall early on Monday before protesters opposed to his appointment had arrived to try to block his entrance. He later assured Mayor Dave Bing and city council members that he wants to collaborate with them in digging out of the city’s financial hole.

Mar 24, 2013

Detroit’s new czar faces deep decay of city’s neighborhoods

DETROIT (Reuters) – When the state-imposed manager of Detroit, Kevyn Orr, starts the job on Monday he will wade into a city of crumbling neighborhoods where police fail to respond to some calls, arson fires burn out of control and residents scour charred buildings for scrap metal to sell.

Except for the business district and a cultural area including a university, museum and some theaters, the city of Detroit, population 700,000, is in bad shape.