Chrysler CEO says 'rumors' distracting to business

In the interim, the automaker is concentrating on surviving the 'economic trough.' The October sales drop is equivalent to an annual rate of 11 million vehicles compared with 16.2 million a year ago, showing just how far the troubled auto industry has tumbled. 'If this trend continues through the end of the year, the reduction in vehicle sales year-over-year would nearly equal the total U.S. sales of both Chrysler and Ford in 2007,' Nardelli said. 'This year's downturn in sales is unprecedented and has exceeded even the most conservative estimates and forecasts,' he told employees, noting gas prices have been supplanted by the liquidity crisis in the financial markets that has affected both dealers and consumers seeking financing and is the reason the industry seeks government aid to help with the short-term financing crisis and the long-term need to invest in technology. Painting a dismal picture, Nardelli cited National Automobile Dealer Association estimates that 700 dealers will go out of business by the end of the year and noted consumer confidence is at an all-time low, prompting buyers to save their money, instead. Nardelli said actions such as continued cuts to the white- and blue-collar ranks are to return the automaker to profitability -- and not for any other purpose. Officials in Windsor to mark the 25th anniversary of the minivan refused to comment on a GM-Chrysler deal and Canadian Auto Workers union president Ken Lewenza said the unions have not been invited to the table in the talks. 'We don't have any control today over our future or where we're going. I'm trying like hell to remain optimistic.' In a video, former Chrysler Corp. chairman Lee Iacocca said he does not know what the future holds, but the automaker is resilient, having been through many ups and downs over the years. You can reach Alisa Priddle at (313) 222 - 2504 or apriddledteom.