Iacocca: Plug-in Hybrids are Wave of the Future, Not Hydrogen
Lee Iacocca, credited with turning around near-bankrupt Chrysler Corp. in the 1980s, said the newly private U.S. carmaker is "on the right path" with owner Cerberus Capital Management LP.
"They've got real problems yet. It's not solved, but it's looking up," Iacocca, 83, said in an interview late yesterday from his Los Angeles home. Under Robert Nardelli, the current chairman, Chrysler "is on the right path for sure," he said.
Chrysler LLC, the third-largest U.S. automaker, last month secured a four-year contract with union employees that creates a trust to take over the company's retiree health-care obligations in exchange for an $8.8 billion contribution and trims entry- level wages for new workers. The company, passed in the U.S. by Toyota Motor Corp. last year, also is cutting factory jobs and poor-selling models from its lineup to become more competitive.
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