Chrysler

VIDEO: Romney is Right About Jeep Production in China

NLPC Associate Fellow Mark Modica was a guest Wednesday night on Fox Business Network's Willis Report. Here's a transcript:

Fact Checking Romney and GM on Job Creation Claims

General Motors is criticizing Mitt Romney for running an ad that says GM cut 15,000 jobs under the Obama Administration. The Detroit Free Press reported that GM spokesman Greg Martin (speaking about the Romney ad) stated, "No amount of campaign politics at its cynical worst will diminish our record of creating jobs in the U.S. and repatriating profits back to this country."

Leaving aside for a moment the bigger issue of a taxpayer-supported entity improperly inserting itself in an election, lets examine the facts. A look at GM's annual SEC filings gives a clear picture of how many people were employed by the company both before and after the Obama Administration guided the company through a bankruptcy process.

Fiat’s Benchmark to Outsource Chrysler Jeep – $1 in Savings

Obama Marchionne photoFiat CEO Sergio Marchionne discussed, in limited detail, some of the Italian company's plans for future production of its vehicles, including the Chrysler and Jeep brands, during an earnings conference call yesterday. There has been much recent speculation on the possibility that some of the once American-owned Chrysler Jeep vehicles will be outsourced and produced overseas.

AUTO BAILOUT BOMBSHELL: Fiat Says Chrysler, Jeep Production May Move to Italy

Obama Marchionne photoComing hot on the heels of speculation that some Jeep production may be moved to China comes a bombshell from a Bloomberg report. Fiat is now considering moving Chrysler and Jeep production to Italy.

According to the piece, "To counter the severe slump in European sales, (Fiat CEO Sergio) Marchionne is considering building Chrysler models in Italy, including Jeeps, for export to North America. The Italian government is evaluating tax rebates on export goods to help Fiat. Marchionne may announce details of his plan as soon as Oct. 30, the people said."

Romney is Right About Chrysler / Jeep China Outsourcing

Fiat Chrysler logosThere is nothing like having unbiased media coverage of the all-important presidential campaign leading up to next week's election. And the media is nothing like unbiased. We see this playing out again as Mitt Romney is now being accused of misrepresenting a story that Bloomberg.com reported on Chrysler's potential outsourcing of Jeep manufacturing to China. A look at the original comments from the article gives evidence as to how unfair the criticism is and just how right Romney was for pointing out the likely future outsourcing of Jeep manufacturing.

Bailed-Out Chrysler to Build Jeeps in China

ObamaAmerican taxpayers should prepare themselves for another slap in the face, courtesy of the much-ballyhooed Obama auto bailouts. After spending about $85 billion to bail out Chrysler, General Motors and Ally Financial (formerly known as GMAC), taxpayers are being rewarded by Chrysler's parent company, Fiat, announcing that it is preparing to build its Jeep brand vehicles in China. In addition, according to a Bloomberg report, Fiat may end up building all of its vehicles in China, threatening the loss of more manufacturing jobs should the decision be carried out to move Chrysler manufacturing out of America.

Will Fiat/Chrysler Need Another Bailout?

NLPC Associate Fellow Mark Modica was interviewed Wednesday by David Asman on the Fox Business Network on Moody's credit downgrade of Fiat. The Italian automaker, which owns Chrysler, is facing financial difficulties, even as President Obama is ballyhooing the "success" of the auto bailout. Here's a transcript:

GM Bankruptcy Misrepresentations Prefaced Libya Attack Controversy

The 2012 election campaigns have seen accusations thrown about that both President Obama and Governor Romney have been less than honest at times. After Obama was soundly trounced in the first debate, the defense for the President's poor performance (other than Al Gore's theory that it was the high altitude) was that Mitt Romney lied. While that unsubstantiated charge might make Governor Romney an accused liar, the facts surrounding the General Motors bankruptcy process reveal that those in the Obama Administration are proven liars.

Ally Financial - Another Auto Bailout Bankruptcy

The Obama Administration has become quite the expert on bankruptcy filings. The Detroit Free Press reports that the third auto bailout partaker, Ally Financial, has filed bankruptcy for its mortgage subsidiary, ResCap. The government still owns 74% of Ally, and now has an 0 for 3 record on restructuring bailed out auto-related companies outside of bankruptcy.

Ally Financial Failure Jeopardizes Auto Bailout 'Success'

Ally ad imageAlly Financial seldom gets mentioned when the auto bailouts are discussed. The company was formerly known as GMAC and the 17 billion dollars that taxpayers sunk into the company was crucial for the perceived success at both General Motors and Chrysler. We now learn that Ally Financial has failed a government stress test and, according to Reuters, "fared by far the worst of 19 banks examined."

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