Chrysler, Automaker | featured news

In seeking support in Michigan, Obama speaks frequently about how the federal bailout of General Motors Co. and Chrysler Group led to GM's resurgence as the world's No. 1 automaker and 32,000 more auto-related jobs in the state since the companies emerged from their 2009 managed bankruptcies. Romney opposed the move, even writing a New York Times opinion piece in 2008 that carried the headline "Let Detroit Go Bankrupt."

The auto industry looks set to ride the appeal of smaller cars to its best monthly performance since 2008. Chrysler reported a 34 percent increase in March auto sales.

Chrysler says its U.S. sales rose 26 percent last year as its turnaround gained traction. The company ended the year with a 37 percent increase in December sales on strong demand for the Jeep Wrangler and Chrysler 200 sedan. Chrysler is among the first carmakers to report sales Wednesday.

Chrysler says its U.S. sales jumped 27 percent in October because of strong demand for its Jeep and Chrysler brand vehicles. It was the company's best October sales since 2007.

Fiat-Chrysler's third-quarter trading profit was well above forecasts at 851 million euros, with U.S. automaker Chrysler contributing as much as two-thirds of it and helping offset weak European sales.

General Motors said its sales increased 7.6 percent from a year ago. Ford’s were up 6.1 percent and Chrysler’s rose 20.1 percent.

The Treasury Department said Thursday it has exited its investment in Chrysler LLC after Italian automaker Fiat SpA purchased the U.S. government's remaining holdings in the auto company.

Chrysler Group LLC has recalled 11,351 vehicles for a possible missing or incorrectly installed part that could result in loss of steering capability and increase the risk of a crash.

Barely two years since it filed for bankruptcy, Chrysler still has to prove it can deliver on its “second chance.” The carmaker seems to be heading in the right direction.

The Treasury Department said on Thursday it reached an agreement to sell its remaining 6 percent equity stake in Chrysler to Italy's Fiat in a deal that will net Washington $560 million.