This week has been a stream of good news for Chrysler. First came May sales results, Chrysler was the only domestic manufacturer up for the month and, get this, for the first time in years, Chrysler was back in the top 3 manufacturers in sales. In fact, thanks to the Japanese earthquake and tsunami, GM, Ford and Chrysler were returned to their traditional "Big 3" rankings.
In other news, Sergio Marchionne announced that Chrysler has paid off its loans from the US government and bought out all of the government share of the company, thereby rendering Fiat the majority owner and in complete control of Chrysler. The US government ended up recouping the vast majority of the money that it invested in the Chrysler bailout. At this point, Chrysler is owned by Fiat with a minority share (47%) owned by the UAW Veba.
President Obama, most likely taking a victory lap after the successful bailout, visited Chrysler's Jeep plant in Toledo, Ohio today. I suspect he's not staying over night tonight and tomorrow because you know what they say about Saturday night in Toledo, Ohio. . . .
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