Jim Press: Chrysler will open wallet for new vehicles

Jim Press

Bradford Wernle
Automotive News
September 27, 2007 - 2:11 pm ET

Under the ownership of Cerberus Capital Management, Chrysler LLC will up the ante on new vehicle spending and growth in international markets, according to Jim Press, Chrysler's new vice chairman.

"We have been given the opportunity to earmark a ton of money for development of advanced products," Press said on a Chrysler blog this morning. "Things that are really necessary to have a strong foundation for the future are being put in place. And one of them is product development of advanced technology."

Press said Chrysler needs to move to take its share of markets outside North America.

"If you look at the global auto market, do you know that we're adding 100,000 cars a day to the planet? And someone else is selling all those vehicles outside the United States, and we ought to get our share, especially if we can get our 10 or 11 percent share here outside," he said.

In his first week on the job, Press has visited three Chrysler dealerships and plans to visit more. He also will meet with dealers at a new model announcement show in Las Vegas the week of Oct. 9.