AUTOMOBILES
From Times Staff and Wire Reports
Chrysler Raises $862.5 Million: The nation’s No. 3 auto maker said it completed an $862.5-million stock offering, raising cash badly needed to develop new cars and modernize plants. The stock sale puts the car company on sound financial footing for the next year or two, analysts said. Beyond that, Chrysler’s survival as an independent company is widely seen to depend on the success of its newest models and a turnaround in the depressed auto market. The successful sale of the preferred shares raised more than twice Chrysler’s initial target of $400 million.
