Government reportedly encouraged by Fiat's plan for Chrysler, sees "huge sense of urgency"

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Filed under: Government/Legal, Chrysler, Fiat

Two weeks ago Fiat and Chrysler unleashed an ambitious five-year plan to return Detroit's number three automaker to financial and product health. The plan called for 14 all-new models based mostly on Fiat platforms and ten more vehicles which will receive much-needed attention. While Senator John McCain isn't so sure Chrysler will survive the next few years, Obama Auto Task Force Chief Ron Bloom likes what he sees.



Automotive News is reporting that Bloom says the Pentastar plan shows "a huge sense of urgency. We see a huge dedication and commitment, working extremely hard." Bloom also added that he agrees with CEO Sergio Marchionne when he said that team Pentastar has their work cut out for them.



Considering that the US government spent billions bailing out Chrysler, Bloom's confidence means a lot. But while the government saved Chrysler, the United Auto Workers is the company's biggest shareholder. The union currently owns 55% of the new Chrysler, and that won't change until the Auburn Hills, MI-based automaker goes public and pays off its pension obligations. Marchionne has said that the public move could come as early as 2011, but Bloom says that time line could be premature. Either way, we're sure Chrysler will go public at the earliest possible time, but that time won't come until the stock-buying public sees some new products coming from Auburn Hills via Italy.



[Source: Automotive News - Sub. Req. | Image Source: Bill Pugliano/Getty]

Government reportedly encouraged by Fiat's plan for Chrysler, sees "huge sense of urgency" originally appeared on Autoblog on Thu, 19 Nov 2009 08:58:00 EST. Please see our terms for use of feeds.

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