Business News - Chrysler talks up a five-year plan

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Chrysler talks up a five-year plan

AUBURN HILLS, Mich. (UPI) -- U.S. automaker Chrysler said Wednesday it had more cash on hand than it did at the end of June as part of a day-long unveiling of its five-year business plan.

Chief Executive Officer Sergio Marchionne said the automaker had $5.7 billion in cash, up from $4 billion in June.

Board Chairman Robert Kidder said, "there is no business as usual at Chrysler," The Detroit News reported.

Chrysler is attempting to bring itself back to making profits after going through bankruptcy in the summer and emerging under control of Fiat SpA.

The plan includes launching 11 new or redesigned vehicles by 2014, starting with revamped Dodge Caravans, Avengers and Journey crossovers, the brand's chief designer Ralph Gilles said.

In addition, Chrysler is planning a new seven-passenger crossover as it phases out the Durango.

Presentations at the company's Auburn Hills headquarters were focused on cutting down time of developing a product to 18 months, improving quality and incorporating Fiat processes into manufacturing, the newspaper said.

Copyright 2009 by United Press International

This news arrived on: 11/04/2009

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