Chrysler CEO Confirms GM Merger Talks are Stalled

With the release of third quarter results from Ford and GM today and GM’s announcement on its financial situation, Chrysler isn’t willing to sit by idly.

Shortly after GM made the announcement about its bleak financial situation and that all merger talks are off for the time being, Chrysler Chairman and CEO made a statement to the press and employees. Nardelli says that returning Chrysler to profitability as an independent company is the main goal of the management team right now, which reaffirms the killed merger talks with GM.

Although the merger talks with GM have been stopped for the time being, Nardelli says “we will continue to explore multiple strategic alliances or partnerships as we investigate growth opportunities around the world that would aid in our return to profitability.” Mergers may still be a possibility, although not with GM or Nissan for the time being.

Nardelli also comments on the meeting held between himself, GM CEO Rick Wagoner, Ford CEO Alan Mulally, UAW president Ron Gettelfinger, House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, and Congressman John Dingell, chairman of the House Energy and Commerce Committee. Nardelli thanks Pelosi and Reid for their support, and says it’s encouraging that they understand the importance of the automotive industry to the economy.

Source: Chrysler LLC