Auburn Hills News
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Chrysler Group LLC averted what could have been the biggest showdown with U.S. regulators over a recall in three decades by agreeing to fix 2.7 million sport- utility vehicles linked to 51 deaths in post-crash fires.
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Two of the biggest companies in the industry most closely associated with Detroit expressed support for the city, which announced plans to miss debt payments today that will make it the most populous U.S. city to default since Cleveland in 1978.
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Chrysler Group LLC, the U.S. automaker controlled by Italy’s Fiat SpA, is seeking to reduce the rate on a $2.95 billion term loan, according to a person with knowledge of the transaction.
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Chrysler Group LLC recalled about 630,000 Jeep sport-utility vehicles to fix transmission leaks and other mechanical defects, two days after the company said it won’t recall 2.7 million other SUVs alleged by U.S. regulators to have faulty fuel systems.
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The Obama administration’s decision to sell more of its stake in General Motors Co. underscores the resurgence of a domestic auto industry that emerged from near- collapse to become a pillar of economic growth.
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When Daimler AG, the maker of Mercedes-Benz luxury cars and former owner of Chrysler, brought its Euro-styled Sprinter van with a 14-foot high roof and sloped brow to the U.S., it stood out on the parkway like a pachyderm.
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Fiat SpA is in talks to buy the remaining stake in Chrysler Group LLC and is pursuing parallel discussions about refinancing debt of both carmakers.
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Chrysler Group LLC’s unusual decision to buck what would be one of the largest U.S. auto recalls shows how much the company has at risk in reputation, perhaps more than money.
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The U.S. government’s power to force automakers to fix vehicles could be hindered if Chrysler Group LLC prevails in its refusal to recall 2.7 million Jeeps linked to 51 fire deaths.
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Fiat SpA rose to the highest in almost 22 months as investors see a merger approaching of the Italian carmaker with its Chrysler Group LLC unit amid talks with banks for as much as $10 billion in funding for the deal.
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