UPDATE Dodge will remain committed to the NASCAR Nextel Cup series regardless of whether Chrysler is sold, the director of Dodge motorsports said Sunday. "Yeah, there are some things going on, things we're looking at, but it's not going to affect our racing program," Mike Accavitti said during the Car of Tomorrow's debut at Bristol Motor Speedway. Accavitti and Tom Lasorda, the chairman of DaimlerChrysler, visited with the owners of three of Dodge's top teams — Evernham Motorsports, Chip Ganassi Racing with Felix Sabates and Penske Racing — before Sunday's race. "We talked to everybody today," Accavitti said. "The message is pretty consistent. We don't intend on going anywhere." That doesn't mean Chrysler won't. KeyBank Capital Markets analyst Brett Hoselton recently reported that Canadian-based Magna International Inc. and an unnamed equity group have offered $4.6 billion to $4.7 billion for Chrysler. "This is being handled by people at a much higher level than I am," Accavitti said. "As far as they're concerned, they'd like to bring a quicker resolution to it than a slower resolution. Every indication I have is it'll be sooner rather than later." There have been reports that the sale could happen within the next week or so. "Under any scenario, as far as we're concerned, we see us remaining involved in NASCAR," said Accavitti, noting Dodge's contracts with its NASCAR teams range from one to five more years. It's a great way to reach those fans and tell them about the performance brand of Dodge."
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02/16/07 The troubled Chrysler Group needs to turn around fast, or risk being dumped by the German suitor that acquired it nine years ago. Chrysler said Wednesday that it will slash 13,000 jobs and drastically downsize production in a last-ditch effort to secure its future with the German automaker DaimlerChrysler AG.
The restructuring came with a warning that DaimlerChrysler is exploring all strategic options for the struggling U.S. division, including a possible sale or alliance with another automaker.
After losing $1.5 billion last year amid falling sales and market share, Chrysler is under intense pressure to return to profitability by 2008.
With more losses forecast for this year, Chrysler has reached a crossroads in its turbulent marriage with the former Daimler-Benz AG, which bought the No. 3 U.S. automaker in 1998.
"Sooner or later (Daimler) has to decide whether to fully integrate Chrysler or separate altogether," said John Casesa of the investment firm Casesa Shapiro Group.
But DaimlerChrysler CEO Dieter Zetsche was unwilling Wednesday to make a long-term commitment to Chrysler — despite its plan to shed 11,000 hourly jobs and 2,000 salaried positions by 2009, close one U.S. assembly plant and cut shifts at two others.
