2005 Chrysler 300 Series on 2040-cars

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Revisiting the 2008-09 auto bailout that saved GM and Chrysler

The Federal Reserve stayed open late on December 31, 2008. There's almost no way you could remember that because barely anyone knew at the time. But General Motors had to pay its bills, and the Fed wired money so GM could still buy things in January. Without those funds, the nation's largest automaker wouldn't have seen much of 2009. It's one of many heart-stopping moments that illustrate just how close Detroit's Big Three came to extinction nearly a decade ago. They're chronicled in a new movie, Live Another Day, premiering in theaters September 16. Filmmakers Bill Burke and Didier Pietri interviewed nearly all of the key executives, federal officials, and union chiefs to recreate the auto industry's most perilous period. The movie begins in the aftermath of Lehman Brothers' demise amid the global financial meltdown. Things looked bleak for American carmakers, and their CEOs were laughed off Capitol Hill when they sought a Wall Street-style bailout. "It was a feeling that it was the end of the world," Pietri told Autoblog in an interview where he and Burke previewed the film. Saved by last-minute loans authorized by the Bush Administration after Congress refused to act, Detroit staggered into 2009 with a faint pulse. Live Another Day illustrates the downward spiral that played out that winter as President Obama and his task force – with little prior knowledge of the auto industry – wrestled over the fate of hundreds of thousands of jobs. GM's longtime CEO Rick Wagoner was fired in March. Fiat CEO Sergio Marchionne suddenly appeared as a savior for Chrysler, with his own motives. Obama rejected restructuring plans from the automakers. Chrysler declared bankruptcy on April 30. GM followed June 1. The sequence was very public, but Pietri and Burke showcase lesser-known events that shaped the outcome. They also seek to dispel the notion that the government rescued GM and Chrysler from incompetent leaders. "We never subscribed to the theories that the management structures of the companies were a bunch of idiots who didn't know what is going on," Pietri said. At one point, Chrysler executives were negotiating with Marchionne and Fiat. Unbeknownst to them, the government was having its own talks with the Italian automaker. The filmmakers also cast light on the bankruptcy process, which was shredded to shepherd two of America's industrial icons through reorganizations.

Junkyard Gem: 1990 Chrysler LeBaron GT Convertible

When Chrysler sprang back to life under Lee Iacocca and his K-Cars, the flagship of the new front-wheel-drive order was the luxurious new 1982 LeBaron convertible, which shoved aside the drab and antiquated Dodge Diplomat-based 1981 LeBaron. The LeBaron sedan got the axe after 1989, with only sporty coupes and devil-may-care ragtops given LeBaron badges after that. Here's an example of the third-generation LeBaron convertible, found in a Colorado wrecking yard a few months ago. There were four trim levels of LeBaron convertible available for the 1990 model year: Highline, Premium, GT and GTC. Today's Junkyard Gem is a second-from-the-top GT, which had an MSRP of $17,799 (about $43,383 in 2023 dollars). The intake manifold may bear the Chrysler name, but this engine is three liters of pure Mitsubishi 6G72 power. With 141 horsepower and 171 pound-feet, this engine was  standard equipment on the GT convertible (if you bought the GTC Coupe, you got a 175-horse 2.5-liter turbocharged four-cylinder). The idea of a Detroit luxury machine with a manual transmission seems strange today… and it was also somewhat strange 33 years ago. The original buyer of this car almost certainly had the money for the optional automatic ($552, or $1,314 today) but preferred the five-on-the-floor manual. With a curb weight of just 2,775 pounds, this car would have been plenty of fun to drive with a three-pedal setup. The resemblance between this car and its far more expensive first cousin, Chrysler's TC by Maserati, was all too obvious to TC shoppers. Yes, that's genuine Corinthian Leather on the seats. Driver's-side airbags were rare on 1990 US-market cars, but Chrysler was ahead of the competition with this safety feature. This car nearly reached 275,000 miles during its life. Who says a convertible doesn't make a good daily commuter? It looks to have been in good condition at the end, though the driver's door latch mechanism needed to be reattached via welding repairs at some point. The retractable headlight covers are open in these photos. Chrysler ditched the hidden headlights for the 1993 LeBarons; production ended after 1995. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. There is no luxury without engineering. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In Canada, Celine Dion pitched this generation of LeBaron convertible.

FCA discussing tech partnership with Hyundai, but no merger

Fiat Chrysler Automobiles is in talks with South Korea's Hyundai about a technical partnership, but there are no merger talks between the two, FCA Chief Executive Sergio Marchionne said on Saturday. FCA is often the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with larger U.S. rival GM. Its share price jumped to record highs in August after reports of interest from China and Hyundai. "We already buy components from (Hyundai) .... let's see if we can agree on other points, especially for the development of transmissions and hydrogen," Marchionne told journalists, adding there was "nothing to announce for the moment". Asked whether this collaboration could turn into a merger, Marchionne said: "I don't believe so". (Reporting by Agnieszka Flak; editing by Alexander Smith)Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.