New York (HedgeCo.Net) – The glitz and glamour that is usually indigenous to one of the world’s most prestigious car shows will be somewhat absent this year, as the U.S. auto makers instead will focus on what’s to come at the annual Detroit Auto Show.
Chrysler, who was granted a $4 billion bailout by Uncle Sam, announced they would unveil 24 new models over the next four years while denying rumors of a sale.
“No one should read what we’re doing as if we are trying to position the company for sale,” said Chrysler CEO Robert Nardelli. “Hibernation would be the furthest thing from the truth.”
Private equity firm Cerberus Capital Management purchased over 80 percent of Chrysler from Daimler AG in August 2007, although Daimler has said that their demands had surpassed their original $7.2 billion investment.
Consumers should expect three or four brand new or revamped models in 2009. All 30 of Chrysler’s plants have halted production until at least January 19th, so dealers can get rid of current inventory first.
The Detroit Auto Show, formally called the 2009 North American International Auto Show, will see a plethora of new models and ideas. All in all, there will be 57 new car debuts, with 14 coming from North America.
GM is no exception. After almost sinking in the wake of its troubles, GM will be forced to come up with new concepts and ideas that lean more towards fuel efficiency. Such as the Cadillac Converi concept car, introduced this past weekend, which would run for about 40 miles on just electric power before needing a charge or switching over to its gas-assist engine.
The Detroit Auto Show runs from January 17 – January 25.
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