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Chrysler promises 7 new models for 2010

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Bloomberg News / September 11, 2008
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SOUTHFIELD, Mich. - Chrysler LLC, the third-largest US automaker, said it will introduce seven new models in 2010 as it tries to win back customers who switched from trucks to more fuel-efficient cars as gasoline prices soared.

President Jim Press declined to name the vehicles yesterday. The automaker's US sales fell 24 percent through August from a year earlier.

The offerings would help make up for what analysts say will be a dearth of new products next year, with the automaker expected to add only a heavy-duty version of its Dodge Ram pickup. Chrysler has been cutting models and trying to reduce overlapping vehicles in different brands

"We've kept a $3 billion annual investment in capital for new projects," said Press. The 2010 introductions will be "major vehicles, a high part of our volume."

The automaker has already said it will begin selling a new subcompact car built by Nissan Motor Co. in 2010. Chrysler is also likely to have replacements in 2010 for its Jeep Grand Cherokee sport-utility vehicle and the Chrysler 300C and Dodge Charger sedans, Tracy Handler, a product analyst for Global Insight Inc. in Troy, Mich., has said.

Chrysler also has begun showing prototypes of a new plug-in electric vehicle to dealers around the country. Press said that would be available for sale "not too long after" 2010. It is unclear whether this vehicle would be an all-electric car or a plug-in hybrid similar to the Chevrolet Volt, which General Motors said will be on sale in 2010.

Chrysler, purchased by Cerberus Capital Management LP 13 months ago, already has dropped its Dodge Magnum station wagon, Chrysler PT Cruiser convertible, Crossfire sports car, and Pacifica SUV.

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