May 16, 2007, 15:00 GMT [Posted by Hemidakota]
AUBURN HILLS, MI, United States (UPI) -- The new Chrysler will retain its Jeep, Dodge and Chrysler brands, Chief Executive Officer Thomas LaSorda said at Chrysler`s Michigan headquarters.
'These brands are staying together,' LaSorda said at a news conference. 'They will not be broken up under any circumstances. It`s critical that they stay together.'
LaSorda said Cerberus Capital Management LP, which agreed to buy 80.1 percent of DaimlerChrysler`s U.S. unit Monday, planned to invest 'a lot of money' to help Chrysler improve its finances, develop new products and expand overseas, The Washington Post reported.
LaSorda said Cerberus Chief Executive Officer Stephen Feinberg considered Chrysler 'a long-term investment for them and they`ll be patient as we continue to move this company to profitability.'
Chrysler will also continue to have access to advanced technology from the new Daimler AG, including diesel-engine and hybrid technology, LaSorda said.
Daimler will retain a 19.9 percent stake in the new Chrysler Holding LLC.