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CALL SERVICE: (855) 223-4481
Take a look at Chrysler's Five Year Business Plan. Click on the video above.
Join us for Cruise Night at the Walter P. Chrysler Museum!
7-27-2011...Three Dodge Models Top Their Segments in J.D. Power and Associates 2011 APEAL Study
Dodge earns three segment awards for Challenger, Charger, Durango
Dodge Charger is most improved vehicle in the industry
Jeep® and Chrysler brands improve significantly in APEAL Study
Auburn Hills, Mich. , Jul 27, 2011 - The Dodge brand earned three awards as the Dodge Challenger, Charger and Durango led their segments in the J.D. Power and Associates 2011 Automotive Performance, Execution and Layout (APEAL) StudySM.
The Dodge Charger ranked highest in the Large Car segment and was the most improved model in the industry. The Dodge Challenger scored highest in the Midsize Sporty Car class and Dodge Durango took the top spot in the Midsize Crossover/SUV segment. The Jeep® brand improved by 32 points and Chrysler increased by 27 points compared to the industry's average improvement of three points.
"We've listened to our customers and made significant improvements across the product line, launching 16 all-new or extensively updated vehicles in the past year," said Doug Betts, Senior Vice President?Quality, Chrysler Group. "We worked very hard to make our vehicles truly competitive with the best vehicles in their respective segments. It's nice to see this effort being recognized by our customers.
" According to J.D. Power and Associates, vehicles with high APEAL scores generate faster sales, higher profit margins, and less need for cash incentives. High levels of vehicle appeal also influence customer recommendation rates.
In the recently announced J.D. Power and Associates 2011 Initial Quality Study SM (IQS), the Dodge Challenger and the Chrysler Town & Country ranked highest in their respective segments for initial quality. The APEAL Study examines how gratifying a new vehicle is to own and drive, based on owner evaluations of more than 80 vehicle attributes. Unlike IQS, which measures short-term quality, the APEAL Study identifies consumer likes and dislikes about their vehicle during the first 90 days of ownership, particularly regarding vehicle design, content, layout and performance.
"Different customers have different opinions about what makes a quality vehicle," Betts explained. "At Chrysler Group, we define and measure six different types of quality. We've set aggressive internal targets and our progress is starting to show up in third-party surveys as well."
***Chrysler Group LLC Completes Refinancing and Repays U.S. and Canadian Government Loans in Full
More than six years ahead of schedule, Chrysler Group fulfills promise to taxpayers and repays original government loans totaling $6.7 billion, in addition to $1.8 billion of interest and other consideration
Intervention by U.S. and Canadian governments and strategic alliance with Fiat leads to 16 all-new or significantly refreshed vehicles currently in dealerships; more than $3 billion in facility upgrades; and increased employment with the hiring of 6,000 Chrysler Group employees
Company's return to profitability and double-digit worldwide sales increases show new product lineup gaining momentum in marketplace.
May 24, 2011 , Auburn Hills, Mich. -
Chrysler Group LLC today announced the repayment of $7.6 billion in outstanding U.S. and Canadian government loans following the completion of new refinancing transactions. The original loans were repaid in full, more than six years ahead of schedule, along with the payment of accrued interest and additional consideration.
Today, the Company made payments of $5.9 billion to the U.S. Treasury (UST) and $1.7 billion to Export Development Canada (EDC) to retire the loans granted when Chrysler Group began operations in June 2009. EDC is the holding company through which the Canadian federal and Ontario provincial governments extended loans to Chrysler Group.
The Company borrowed $5.1 billion from the UST and $1.6 billion from the Canadian governments in June 2009 ($2.6 billion from the original loan facilities was undrawn and the facilities will be canceled). In total, Chrysler Group has paid the UST $6.5 billion and the EDC $2.0 billion, including $1.8 billion in interest and additional consideration.
"Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full and today we made good on that promise," said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. "The loans gave us a rare second chance to demonstrate what the people of this Company can deliver and we owe a debt of gratitude to those whose intervention allowed Chrysler Group to re-establish itself as a strong and viable carmaker.
"Paying back the loans, along with the financial community's investment in our refinancing packages, marks another step in the Company returning as a competitive force in the global automotive industry."
Chrysler Group confirmed the completion of new financing transactions consisting of a term loan totaling $3.0 billion, debt securities totaling $3.2 billion and a revolving credit facility of $1.3 billion. The new financing will save Chrysler Group an estimated $350 million a year in interest expenses.
The Company used the net proceeds from the term loan and bonds, together with $1.3 billion from an equity call option exercised by Fiat for an incremental 16 percent fully diluted ownership interest, to repay the government loans. The revolving credit facility remains undrawn.
Chrysler Group continues to have more than $10 billion in liquidity after the refinancing and loan payoffs, which includes the undrawn revolving credit facility.
"Everyone in the extended Chrysler Group family, from employees to union partners to dealers and suppliers, have worked tirelessly to deliver on our promises and to win back public trust in the Company and our products," said Marchionne. "There is more work to be done as we remain focused on fulfilling the goals outlined in our 2010-2014 business plan."
***Chrysler Town & Country and Dodge Challenger Earn Segment Awards for Initial Quality From J.D. Power and Associates
2011 Chrysler Town & Country ranks highest in initial quality for minivan segment
2011 Dodge Challenger earns top spot in mid-size sporty car segment
Five Chrysler Group vehicles rank third or better in their segments for initial quality
Auburn Hills, Mich. , Jun 23, 2011 - The 2011 Chrysler Town & Country and the 2011 Dodge Challenger ranked highest in their segments in the J.D. Power and Associates 2011 U.S. Initial Quality Study (IQS). The Chrysler Town & Country ranked highest in initial quality in the minivan segment and the Dodge Challenger ranked highest in the mid-size sporty car segment. Three other Chrysler Group vehicles were highlighted by J.D. Power and Associates for ranking among the top three vehicles of their competitive class: Dodge Durango in the mid-size crossover/SUV category, Dodge Grand Caravan in the minivan category and Ram Dakota in the mid-size pickup segment. "Having five vehicles rank at or near the top of their segments is the result of a lot of hard work and long hours dedicated to updating our product line," said Doug Betts, Senior Vice President ? Quality, Chrysler Group. "Most automakers, including Chrysler Group, find it challenging to maintain quality levels when launching vehicles with a significant amount of new content. It's a big accomplishment for our employees and supplier partners to achieve these initial quality results when so many of our 2011 model year launches coincided with the IQS survey period." J.D. Power and Associates surveyed owners of new 2011 model year vehicles that were registered between the months of November 2010 through February 2011. IQS measures new vehicle quality at 90 days of ownership. In the past year, Chrysler Group has launched 16 new or significantly improved vehicles. "We've made steady gains, improving reliability by 58 percent in the past four years, according to our internal warranty data," Betts said. "We still have more work to do as we continue to improve the quality of all our products."
CALL SERVICE: (855) 223-4481
Take a look at Chrysler's Five Year Business Plan. Click on the video above.
Join us for Cruise Night at the Walter P. Chrysler Museum!
7-27-2011...Three Dodge Models Top Their Segments in J.D. Power and Associates 2011 APEAL Study
Dodge earns three segment awards for Challenger, Charger, Durango
Dodge Charger is most improved vehicle in the industry
Jeep® and Chrysler brands improve significantly in APEAL Study
Auburn Hills, Mich. , Jul 27, 2011 - The Dodge brand earned three awards as the Dodge Challenger, Charger and Durango led their segments in the J.D. Power and Associates 2011 Automotive Performance, Execution and Layout (APEAL) StudySM.
The Dodge Charger ranked highest in the Large Car segment and was the most improved model in the industry. The Dodge Challenger scored highest in the Midsize Sporty Car class and Dodge Durango took the top spot in the Midsize Crossover/SUV segment. The Jeep® brand improved by 32 points and Chrysler increased by 27 points compared to the industry's average improvement of three points.
"We've listened to our customers and made significant improvements across the product line, launching 16 all-new or extensively updated vehicles in the past year," said Doug Betts, Senior Vice President?Quality, Chrysler Group. "We worked very hard to make our vehicles truly competitive with the best vehicles in their respective segments. It's nice to see this effort being recognized by our customers.
" According to J.D. Power and Associates, vehicles with high APEAL scores generate faster sales, higher profit margins, and less need for cash incentives. High levels of vehicle appeal also influence customer recommendation rates.
In the recently announced J.D. Power and Associates 2011 Initial Quality Study SM (IQS), the Dodge Challenger and the Chrysler Town & Country ranked highest in their respective segments for initial quality. The APEAL Study examines how gratifying a new vehicle is to own and drive, based on owner evaluations of more than 80 vehicle attributes. Unlike IQS, which measures short-term quality, the APEAL Study identifies consumer likes and dislikes about their vehicle during the first 90 days of ownership, particularly regarding vehicle design, content, layout and performance.
"Different customers have different opinions about what makes a quality vehicle," Betts explained. "At Chrysler Group, we define and measure six different types of quality. We've set aggressive internal targets and our progress is starting to show up in third-party surveys as well."
***Chrysler Group LLC Completes Refinancing and Repays U.S. and Canadian Government Loans in Full
More than six years ahead of schedule, Chrysler Group fulfills promise to taxpayers and repays original government loans totaling $6.7 billion, in addition to $1.8 billion of interest and other consideration
Intervention by U.S. and Canadian governments and strategic alliance with Fiat leads to 16 all-new or significantly refreshed vehicles currently in dealerships; more than $3 billion in facility upgrades; and increased employment with the hiring of 6,000 Chrysler Group employees
Company's return to profitability and double-digit worldwide sales increases show new product lineup gaining momentum in marketplace.
May 24, 2011 , Auburn Hills, Mich. -
Chrysler Group LLC today announced the repayment of $7.6 billion in outstanding U.S. and Canadian government loans following the completion of new refinancing transactions. The original loans were repaid in full, more than six years ahead of schedule, along with the payment of accrued interest and additional consideration.
Today, the Company made payments of $5.9 billion to the U.S. Treasury (UST) and $1.7 billion to Export Development Canada (EDC) to retire the loans granted when Chrysler Group began operations in June 2009. EDC is the holding company through which the Canadian federal and Ontario provincial governments extended loans to Chrysler Group.
The Company borrowed $5.1 billion from the UST and $1.6 billion from the Canadian governments in June 2009 ($2.6 billion from the original loan facilities was undrawn and the facilities will be canceled). In total, Chrysler Group has paid the UST $6.5 billion and the EDC $2.0 billion, including $1.8 billion in interest and additional consideration.
"Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full and today we made good on that promise," said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. "The loans gave us a rare second chance to demonstrate what the people of this Company can deliver and we owe a debt of gratitude to those whose intervention allowed Chrysler Group to re-establish itself as a strong and viable carmaker.
"Paying back the loans, along with the financial community's investment in our refinancing packages, marks another step in the Company returning as a competitive force in the global automotive industry."
Chrysler Group confirmed the completion of new financing transactions consisting of a term loan totaling $3.0 billion, debt securities totaling $3.2 billion and a revolving credit facility of $1.3 billion. The new financing will save Chrysler Group an estimated $350 million a year in interest expenses.
The Company used the net proceeds from the term loan and bonds, together with $1.3 billion from an equity call option exercised by Fiat for an incremental 16 percent fully diluted ownership interest, to repay the government loans. The revolving credit facility remains undrawn.
Chrysler Group continues to have more than $10 billion in liquidity after the refinancing and loan payoffs, which includes the undrawn revolving credit facility.
"Everyone in the extended Chrysler Group family, from employees to union partners to dealers and suppliers, have worked tirelessly to deliver on our promises and to win back public trust in the Company and our products," said Marchionne. "There is more work to be done as we remain focused on fulfilling the goals outlined in our 2010-2014 business plan."
***Chrysler Town & Country and Dodge Challenger Earn Segment Awards for Initial Quality From J.D. Power and Associates
2011 Chrysler Town & Country ranks highest in initial quality for minivan segment
2011 Dodge Challenger earns top spot in mid-size sporty car segment
Five Chrysler Group vehicles rank third or better in their segments for initial quality
Auburn Hills, Mich. , Jun 23, 2011 - The 2011 Chrysler Town & Country and the 2011 Dodge Challenger ranked highest in their segments in the J.D. Power and Associates 2011 U.S. Initial Quality Study (IQS). The Chrysler Town & Country ranked highest in initial quality in the minivan segment and the Dodge Challenger ranked highest in the mid-size sporty car segment. Three other Chrysler Group vehicles were highlighted by J.D. Power and Associates for ranking among the top three vehicles of their competitive class: Dodge Durango in the mid-size crossover/SUV category, Dodge Grand Caravan in the minivan category and Ram Dakota in the mid-size pickup segment. "Having five vehicles rank at or near the top of their segments is the result of a lot of hard work and long hours dedicated to updating our product line," said Doug Betts, Senior Vice President ? Quality, Chrysler Group. "Most automakers, including Chrysler Group, find it challenging to maintain quality levels when launching vehicles with a significant amount of new content. It's a big accomplishment for our employees and supplier partners to achieve these initial quality results when so many of our 2011 model year launches coincided with the IQS survey period." J.D. Power and Associates surveyed owners of new 2011 model year vehicles that were registered between the months of November 2010 through February 2011. IQS measures new vehicle quality at 90 days of ownership. In the past year, Chrysler Group has launched 16 new or significantly improved vehicles. "We've made steady gains, improving reliability by 58 percent in the past four years, according to our internal warranty data," Betts said. "We still have more work to do as we continue to improve the quality of all our products."