Last Bailout Plea: Chrysler Needs $7 Billion


So, finally we complete the trifecta. Chrysler says they need $7 billion in loans to stay afloat through 2009 and have pointed to the example of their ENVI design unit in leading the turnaround with the introduction of many new Neighborhood Electric Vehicles (NEV), City Electric Vehicles (CEV), Range-extended Electric Vehicles (ReEV), and full-function battery electric vehicles (BEV) by 2012.

Chrysler’s ENVI unit has been charged with developing fully electric vehicles based on current popular vehicle types and recently showcased a group of all electric cars including a sports car, a jeep and a minivan — all with impressive features.

The company’s product plans include the introduction of the first full function electric-drive model in 2010, and expansion to additional models by 2013. Chrysler also points out that they are already the largest producer of all-electric vehicles in the US through their GEM (Global Electric Motorcars) division.

GEM is a company that has been devoted to NEVs for the last 10 years. During that time Chrysler has produced over 40,000 NEVs and projects significant market growth in that segment over the next several years.

It’s now clear that of the Big Three, GM is the odd man out, with a weak plan and needing more bailout money ($18 Billion) than the other two combined (Ford $9 billion, Chrysler $7 billion).

Read Chrysler’s turnaround plan here

Nick Chambers

Not your traditional car guy.