AFx reports that DaimlerChrysler AG management board chairman Juergen Schrempp has said that the company’s strategy to be a global company is still intact despite its recent decisions on Mitsubishi Motors Corp (MMC) and Hyundai Motor Co.
In an interview with monthly Manager magazine’s Wednesday edition, Schrempp also disclosed for the first time that he has not offered to resign as a result of the board’s decision last month to pull the plug on its financial involvement with MMC.
He also said he intends to complete his four-year contract, which ends in 2008, AFX said.
“Our strategy has four pillars: global presence in all important markets, technology leadership, a comprehensive product portfolio and strong brands. We have made progress in all these four. I don’t see where our strategy is faltering,” Schrempp said in the interview.
Schrempp’s comments to Manager were the first he had made after the surprise decision not to extend any financial aid to MMC and shed some details on why DaimlerChrysler made such a decision.
Schrempp told Manager Daimler was prepared to give more financial aid to MMC only if creditors cancelled MMC’s debts.
“With an increase in equity (in MMC), we would have to consolidate Mitsubishi in our group results. Then we would also have to include its debts in our balance sheets,” he said.
He also reiterated the forecast that Chrysler would post a full-year operating profit after its operating loss of €506m including restructuring costs in 2003.