Chrysler Sales Talks Speculation: Report

President Jim Press said talks that Chrysler is being shopped for sale are just speculation, according to a report.

Author:: TSC Staff
Publish date:: Oct 23, 2008 7:45 AM EDT

Updated from 1:38 a.m. EDT

Reports that

Chrysler

is being shopped for sale by its owners are just speculation, a top Chrysler executive said, according to a report.

Vice Chairman and President Jim Press said Chrysler would "be here," saying he had confidence in the company, the

Associated Press

reports.

"There's not a lot of reason to talk about mergers and things like that because it's all speculation. We've been doing fine," he told reporters Wednesday after speaking at a conference,

reports.

Reports have circulated that Chrysler's owners, including

Cerberus Capital

, are talking to

General Motors

, a combined

Nissan

(NSANY)

and

Renault

alliance, and others about a possible sale or merger.

Meanwhile, Nissan reportedly isn't willing to put up cash for an alliance with Chrysler. Nissan won't consider a tie-up that weakens its financial position,

Bloomberg

reports, citing people with knowledge of the matter.

Chrysler, meanwhile, said Thursday it plans to eliminate one shift at an assembly plant in Toledo, Ohio, and will speed ahead the closure of its Newark, Del, assembly plant.

The shift reduction at the Toledo plant will affect about 825 jobs. The closure of the Newark plant will affect about 1,000 jobs, Chrysler said.