Chrysler worse off than Fiat expected

[Hoodlum]

 

http://www.theglobeandmail.com/report-on-business/chrysler-worse-off-than-fiat-expected/article1289471/

 

Chrysler's restructuring will progress slowly at first because the company was in worse shape than Fiat had expected, Sergio Marchionne, the CEO of both companies, said Wednesday morning at the Frankfurt Auto Show.

 

Mr. Marchionne, 57, said Fiat was well aware before it took control of Chrysler in the summer that the Detroit auto maker's new product pipeline, currently laden with SUVs, was almost dry. But Fiat discovered the lack of new models wasn't the only problem.

 

“There's a whole pile of stuff that we didn't see when we came, that we were not expecting,” he said. “Probably the single largest surprise to us was how little had happened in the past 24 months to get [Chrysler] competitive.”