Chrysler has sold $500 million in assets

To help avoid bankruptcy Chrysler LLC, as a privately held company, has sold more than $500 million in "nonearning assets" to generate cash, a top company executive indicated this morning.

Tom LaSorda, a Chrysler president and vice chairman, said the automaker had identified more than $1 billion in assets that could be sold.

“One advantage of private ownership is that we can sell nonearning assets to generate cash," LaSorda said. “To date, we’ve identified over $1 billion in non-earning assets and we’re more than halfway to achieving that goal."

LaSorda also officially announced the expansion of the automaker’s Jefferson North Assembly Plant this morning, adding that it will include efforts to make the Detroit factory more environmental friendly. The plant currently makes the Jeep Grand Cherokee and other SUVs.

LaSorda, speaking at the Center for Automotive Research’s annual Management Briefing Seminars, said the Michigan investment will be worth $1.8 billion for new vehicle programs and for the plant and will keep more than 400 jobs in Michigan.

“This investment enables us to produce a new generation of world-class vehicles that meet the diverse needs of our consumers around the globe," LaSorda said, according to his prepared text. “The investment will be used for state-of-the-art manufacturing systems, including a 285,000-square-foot expansion of the plant including a new body shop that will allow increased flexibility and higher output. “