Chrysler reaches the end of the 30-day deadline Friday that could well decide whether it lives or dies. The Obama administration imposed the deadline as a condition of another bailout loan. It looks like any deal to save the automaker could come down to the wire.
A key Obama aide, Larry Summers, expressed hope for a deal with Italy's Fiat, which may pick up a one-third interest in Chrysler. But negotiations are still ongoing with the United Auto Workers union as of this writing, a key piece of any Chrysler arrangement.
For car fans, the issue comes down to this: Is America going to lose some of its most powerful and emotional cars, like Dodge Challenger, along with the rest of its stable? Or is going to gain a Ferrari? Fiat owns Ferrari and Maserati in addition to the Fiat small-car brand that Chrysler wants to add to its lineup.
At least putting Fiat in the driver's seat at Chrysler could put a car guy in a charge. The New York Times had a lengthy look at Fiat and boss Sergio Marchionne. It predicts the Chrysler deal has a 50/50 chance and notes his interest in GM's Opel unit in Europe. He also talked about demolishing a $265,000 Ferrari in a crash with a Renault. Both drivers survived, but not, sadly, the Ferrari.
