Former Chrysler executives join the board of ALTe

Article by Christian Andrei, on August 29, 2010

ALTe, a startup supplier of hybrid-vehicle powertrains, will surely benefit from the experience of a couple of former Chrysler executives who have joined its board.

Tom LaSorda and Steven Landry said that ALTe's business concept is what attracted them to the company. Based in suburban Detroit, ALTe makes range-extended electric-vehicle powertrain systems used as retrofits to existing vehicle engines, converting them to operate as hybrids.

A battery-powered electric motor and gas-powered generator, similar to the Chevrolet Volt's powertrain, is attached to its vehicles.

ALTe's business model is to retrofit vehicle fleets. In only a few years, ALTe expects to generate up to $2 billion in annual revenue.

In a statement, LaSorda said that he decided to invest when he saw the "tremendous potential" as he read the business plan after having conducted the due diligence himself. LaSorda will serve as the board's "lead director."

LaSorda is known for having been Chrysler CEO in 2005 when it was owned by Daimler AG. He landed the co-president position in August 2007 after the automaker was acquired by Cerberus Capital Management.

LaSorda left Chrysler when it filed for bankruptcy protection on April 30. He then served as adviser to Penske Automotive Group in its bid to take over the Saturn brand from General Motors Co. however that bid failed as well.

Landry was previously connected with Chrysler as its executive vice president of North American sales, service and parts. On June 10, his retirement was announced just as Chrysler emerged from bankruptcy under the management of Fiat S.p.A.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries