ADVERTISEMENT

Chrysler plans global expansion after Daimler split

Pharma

Chrysler LLC is working on a significant global expansion following its split from Daimler AG, a senior executive said here.

That expansion will include forging new international partnerships and could involve renewing past alliances with Mitsubishi and Hyundai, said Frank Klegon, Vice President of Chrysler’s product development. “We want to grow as a global enterprise,” Klegon said yesterday at an automotive conference in Traverse City, Michigan.

The announcement comes as Chrysler flexes its muscles under new owner Cerberus, a private equity group which bought an 80.1% stake in the historic US car company for $7.4 billion on August 3.

Plans are in the works for new engineering and procurement centers in China and Poland to supplement facilities already established in Mexico and India, Klegon said. These centers will also help locate suppliers for various components, negotiate with local governments on regulations and fine-tune vehicles to regional consumer demands, he said. “We look to have three development centers that will look from a global perspective for lower-cost sourcing,” he said. The aim would be to design and develop lower-cost vehicles with a local partner that could be exported to other regions. Chinese-made cars will be the first off the block for both local production and export, he said. “I don’t see us producing cars in India for quite some time... It’s more of a technology hub for us,” he said. (zeenews.com)

ADVERTISEMENT

Rate-setters augur slower decline in CPI in 2022 Analysis

Rate-setters augur slower decline in CPI in 2022

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.