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In the negatives though, Chrysler is in shambles at the moment. The company has been losing money like no body’s business and a quick remedy looks bleak. The third largest Detroit behemoth lost 30-35% of its sales in the entire 2008 and according to news reports, lost a whopping 55% in January 2009 alone! 62,159 units were sold in the first month of the year 2009 as compared to 137,400 units sold same time last year. A substantially lower demand from fleet customers and sports- car buyers (order-book for the Dodge Viper were 4 units in the month of January) is the cited reason for this terrible shortfall, as per the company. Recently, President of the company, Jim Press, had called a conference for Chrysler’s 3,300 dealers nationwide; and only about 2,400 turned up. Chrysler staff had requested its dealers to pump up their orders to save the company and themselves; “You have two options, either you help us now or burn us all down,” said Press as per reports. According to sources, Chrysler apparently wants its dealers to increase their monthly demand to 87,360 units from the current 78,000. The extra 12% are necessary for the company to prove its future viability in order to qualify for the bailout package; failing which will be catastrophic for Chrysler and thousands of American workers.
As an anomaly, the sales of petrol powered Jeep Wrangler and Jeep Grand Cherokee improved by an insignificant but impressive 4%! This is totally against the logic of a growing temptation for fuel friendly cars and more in line with Fritz Henderson (GM’s President), who once told 4Ps B&M, “The crises for the automotive industry was not started by the SUVs, they are still large contributors in US auto sales; the bursting of the housing bubble is the main cause of this mess.” As double entendre’ are making a sound analysis difficult, it may be concluded that Chrysler is in a fix. On one side it wants to make it big on the back of imported technology and technical know-how and on the other, it does not wants to quit its image as a manufacturer of class friendly cars like the Cherokee and Viper. It is in the best interest for Chrysler to change its brand perception and be known more as a manufacturer of fuel efficient, value added cars, for the portal leading to revival is closing very fast indeed.
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Source : IIPM Editorial, 2009
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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