Chery to build Chrysler cars

Chinese Chery Automobile and DaimlerChrysler AG's Chrysler Group signed a strategic cooperative agreement in Beijing today.

Under this agreement, Chery will assemble small-and medium-sized cars under the Chrysler brand name and export to U.S. , the European markets and other countries. The first cars produced is expected to be based on Chery's A1 hatchback and carrying the Dodge badge.

Dodge Nitro T-shirt contest sponsors disappear

I finally realized I was scammed after repeated e-mails to the contact person and the company who sponsored my Dodge Nitro T-shirt contest, remain unanswered.

The winners of the contest will not go empty handed. I have already sent them a t-shirt each from my own 'Auto Enthusiast' online shop. I really apologise for not being able to deliver the promised prizes. This is a big lesson for me.



Read the whole series of events here, right from the start when a lady named Corrie Zielinski contacted me. I later found out that she was the Online Brand Manager of an online advertising company called New Media Strategies.

UPDATE: 5 June 2007
I am really happy to announce that everything turned out great in the end. The whole fiasco was due to e-mail problems.

Chrysler sold for $7.4B

I am sure all of you must have heard the news by now. DaimlerChrysler has sold 80.1% stake of the struggling Chrysler unit to private-equity firm Cerberus Capital Management for $7.41 billion. Read the press release here.

According to Dr. Dieter Zetsche, Chairman of the Board of Management of DaimlerChrysler AG and Head of the Mercedes Car Group:

We’re confident that we’ve found the solution that will create the greatest overall value – both for Daimler and Chrysler . With this transaction, we have created the right conditions for a new start for Chrysler and Daimler.

Shares of DaimlerChrysler jumped on the news, indicating that investors were confident that Cerberus could turn around the ailing unit. Read the Forbes report here.

Cerberus beat two other bidders, a partnership between Blackstone Group and Centerbridge Capital Partners, and Magna International (a Canadian auto parts company).