Content provided in partnership with

DC Cuts Off Cash for Mitsubishi

DaimlerChrysler Chairman Jurgen Schrempp recently announced that the governing body of DaimlerChrysler in Germany has decided not to send the $3.8 billion that Mitsubishi was expecting as part of a $6 billion-plus bailout. DC is struggling with lower-than-expected profits globally, and its stockholders are demanding fiscal restraint and responsibility in the current unsteady economy.

The company may also relinquish its 10.5% holdings in Korean automaker Hyundai, also under stockholder pressure. DaimlerChrysler has been taking a hard look at its often troubled relationship with Hyundai, which includes a joint project for new 4-cylinder engines, scheduled to begin production next year.

Most Popular Articles in Autos: Service Slants; 2007 utility vehicle buyer's guide: Side-By-Sides are popular; here's who ...; Transmission considerations: beyond the manual gearbox; Buell Motorcycle engineering, innovation, & dedication: in an industry ...; 100 + 10: America's oldest automotive magazine celebrates its 110th year ...; More »

As 37% owner of Mitsubishi, DaimlerChrysler still expects to continue its current joint car and engine-building ventures with the Japanese automaker, but is not in a position to dedicate the large sum of financial support it had originally intended.

Automotive Industry

DC Cuts Off Cash for Mitsubishi

Motor, Jun 2004 by Nash, Tom

Find Research Guides for:

Find Featured Titles for: Reference

Most Popular Articles in Autos

Most Popular Publications in Autos