Chrysler CEO: ‘We’re going to rebound’

AUBURN HILLS, Mich. — Chrysler is prepared to stand on its own again after nine years but still will work with its former parent in developing advanced technologies, Chrysler’s chief executive said Tuesday.

Tom LaSorda met with reporters at the company’s headquarters in Auburn Hills a day after DaimlerChrysler AG announced it was selling an 80.1 percent interest in Chrysler to private equity firm Cerberus Capital Management LP.

Chrysler intends to continue to work with Germany-based Daimler and its various divisions on projects including clean-fuel programs, LaSorda said.

Monday’s announcement brought to a close the $36 billion “merger of equals” that in 1998 attempted to create the ultimate global automotive powerhouse.

LaSorda said he was excited at the prospect of building a North American car company with Cerberus.

“We’re going to rebound and come back,” he said. “We’re on our way as a stand-alone company.”

He said going private will mean running the company “the way we want to run it.” He stopped short of criticizing the Daimler side of Chrysler but said being independent will allow the company to take a longer-term outlook.

Still, he said, that won’t prevent Chrysler from tapping Daimler’s technological resources. For instance, the companies will continue to develop a new line of clean-burning diesel engines.

Chrysler also is seeking the guidance of Wolfgang Bernhard, its former chief operating officer who recently joined Cerberus as a senior executive. LaSorda, who planned to meet with Bernhard later Tuesday, said Bernhard can help with product development and the cost side of the business.

LaSorda said Cerberus has endorsed Chrysler’s restructuring plan announced in February, which LaSorda called the company’s “bible.”