QD Autos

It is being expected that Sergio Marchionne, the Fiat boss will be the new chief executive of the Chrysler, as the new company has been developed after a judge’s approval for the most of its assets.

Because of the declining sales and worldwide economic slowdown, Chrysler, which was one of the three biggest Detroit automakers, was the first company that fell into bankruptcy.  The new formed company is expected to take a name of Chrysler Group LLC and Fiat that has owned its 20% stake would be the looked after by its boss Sergio Marchionne. The company failed to fulfill the agreements with its bondholders and it failed it had to file a bankruptcy on April 30.

The newly formed company is going to get a technical infusion from Fiat that also include more efficient powertrains that will prove quite effective to increase in standards 35.5mpg federal mileage and that’s going to take effect model year 2016.

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Wall Street Journal reports that GM is considering announcing its Hummer brand tentative sale tomorrow the step is being taken just a day after filing protection against Chapter 11 bankruptcy. The name of the possible Hummer buyer has not been announced by the company yet, but according to this report the deal would be affected by the end of the 3Q and the company will keep producing its H2 and H3 in the company’s Louisiana and Indiana plants.

Many experts believe that if Hummer is not offloaded during this month, the bankruptcy proceedings would cause to kill the company. There are different parties that are offering good sums and that also includes a Chinese firm that has been looking for it somewhere in below $500m from the past one year.

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