“This transaction represents a constructive and important solution to the problems that have plagued not just Chrysler in recent years, but the global automotive industry as a whole. Bringing together Fiat’s world-class technology, platforms and power-trains for small and medium sized cars, and its extensive distribution network in Latin America and Europe with Chrysler’s rich heritage, strong North American presence and talented and dedicated workforce will create a powerful new automotive company, while helping preserve jobs and a manufacturing industry that is critically important to the U.S. and Canadian economies.”
“Our goal since we first entered discussions with Chrysler nearly a year ago was to leverage the strengths of both companies to yield the scale, efficiencies and cost savings necessary to create two stronger automakers able to compete more effectively on a global scale. This transaction is an important step toward achieving this objective.
Our work is just beginning, but together with our new partners at Chrysler we look forward to delivering on the vast potential this alliance holds and reintroducing to North American customers of some of our most popular brands, including Alfa Romeo and the award-winning Cinquecento.
We would not be here to announce this agreement were it not for the tireless dedication, focus and creativity of the US Automotive Task Force and their Canadian colleagues. As we worked our way through the myriad of obstacles and issues that arise in transactions such as these, they never lost faith in the project. Through this transaction, they have created the conditions for the reestablishment of Chrysler as a viable long-term participant in the automotive market.
Organized labor unions on both sides of the border have also made significant contributions in accepting reductions in benefits and equity in satisfaction of some of their claims. I would like to thank the leadership of both the United Auto Workers and the Canadian Auto Workers unions for all they have done and for constructively participating in our shared challenge of recreating a great Chrysler.
Over the coming weeks and months, I will be spending a great deal of time meeting with Chrysler employees and touring its facilities. While our agreement must necessarily go through the U.S. legal system for a few weeks, we will be preparing ourselves to reemerge quickly as a reliable and competitive automaker. I believe Chrysler can meet the challenges posed by today’s difficult market conditions by tapping back into its innovative spirit, by focusing on quality as a cornerstone of its product offering and by listening to its customers and delivering the cars they want. It is a model we have strictly adhered to in the past few years at Fiat, and one I believe we can adapt here to write the next chapter in Chrysler’s legacy.
The transaction which we have just finalized represents an historic moment for both Fiat and Italian industry. It is a significant step toward building a new and solid foundation for the future.
Today is also a day of great satisfaction for all women and men at Fiat. The fact that Fiat’s know-how has been appreciated at the most senior levels of the US and Canadian administration – to whom I express gratitude on behalf of our Group’s entire management team – is a source of significant motivation for the work ahead of us.
We are certain that a stronger and more international Fiat will emerge from this alliance, with an even greater capacity to compete in markets worldwide.”
Why does he refer to it as two companies and an alliance?? As if there will be two different companies going forward? He still thinks its Us and Them?
Nissan-Renault now has an evil Chrysler-Fiat twin!
They are going to find out that a relationship with a entity with majority UAW ownership is the equivalent of business suicide.
The way I read it, Fiat has no real skin in the deal financially. I’m sure corporate hubris leads them to think that their upside will be allowing Fiat products to access the US market via the vaunted Chryco dealer base.
I note that when he refers to the strengths of both companies, he fails to mention any of Chrysler’s vehicles.
Mr. Sparky rightly noted:
Nissan-Renault now has an evil Chrysler-Fiat twin!
Not Fiat-Chrysler? Why is the company name that files for chapter 11 first? Fiat has all the best parts of the two autmakers (see their statement above and as jpcavanaugh spotted), why shouldn’t their name be first?
Edit doesn’t seem to be working.
Anyway, out of general principle, TTAC should refer to them as Fiat-Chrysler.
Or does someone have a better name for them?
Or does someone have a better name for them?
Two-Turds.
Fiat has no real skin in the deal financially.
That’s my worry as well. I hope that is just a negotiation ploy as they finalize the details. If the task force allows this to move forward without some sort of working capital being funded by Fiat, then either (a) they got played, and lost or else (b) they were really anxious to just use this as a stall tactic, and don’t really care what happens to Chrysler over the long run. I do hope that the plan is not to bankroll this thing for Fiat, socializing the losses and privatizing the profits as we usually do.
I second Jolo’s call for a better name – Chryslerberus flowed so wonderfully. Fiatsler? Chriat?
Some particularly apt mixings of Fiat and Chrysler from the Internet Anagram Server:
Clash Terrify
Starchy Filer
Filthy Racers
And for bonus material:
Cash Filer Try
Car Elfish Try
Car Flyer S*$#
Car Rely Shift
CryFormore?
Obamanation Motors?
Or do we reserve that for when (not if?) they are combined with GM and owned by Uncle Barry & cronies. For us of course…right.
Bunter
Good luck working with the UAW… you’ll need it!
How about
“Feces-iat”?
Works for me!
Walter P. Chrysler would turn over in his grave if he knew what his company had come to. For Mr. Willys and Mr. Overland, not so much, as Jeep’s been passed around to most everyone by now. Grande Comandante, anyone? Show your union card and get a big discount….
Hippo said “They are going to find out that a relationship with a entity with majority UAW ownership is the equivalent of business suicide.”
Closer akin to having a partner with AIDS.
So, an Italian automaker is going to provide critical, advanced technology, and also improve quality of vehicle fabrication and reliability within Chrysler…
I ask in all seriousness and with due respect, has Hell frozen over?
@ ohsnapback
No — the necessary [and sufficient] condition for Hell freezing over is for the Toronto Maple Leafs to win the Stanley Cup again.
As a cultural note, Dante depicted the inner circle of Hell as being frozen over already….
What do you get when you cross Europes least reliable car maker with its American counterpart. The answer is the biggest shitbath the industry has ever seen.
I can’t argue with the comments above but seriously, isn’t a part of you happy that MINI may soon be facing competition from the Fiasler 500?
I would be surprised if Chrysler could even sell 40,000 5000s a year. It looks all wrong for the US market.