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Chrysler Fights Back – Cuts Losses In Q3

By Don Amos / November 8, 2010

Chrysler Q3Chrysler Group LLC has an improved third-quarter net loss of $84 million over their second quarter loss of $172 million.

Net revenue of $11 billion for the period is an increase of 5.3 percent over the second quarter. Which brings year-to-date total revenue to $31.2 billion.

“A year ago, Chrysler Group LLC laid out clear and concise five-year financial goals and after three consecutive quarters of better than forecasted results, we are living up to our commitments, but we are also exceeding our 2010 financial objectives,” Chrysler and Fiat CEO Sergio Marchionne said in a statement issued by the company.

“Chrysler’s financial success is dependent upon the vehicles we design, build and sell. In a mere 16 months, the Company is delivering 16 all-new or refreshed products led by the critically acclaimed all-new 2011 Jeep Grand Cherokee and including the Fiat 500, signaling the return of the Fiat brand to the U.S. and Canada. We are committed to ensuring that every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee. Our 2010 accomplishments are just the beginning of building Chrysler group into a vibrant and competitive automaker.”

“After three consecutive quarters of better than forecast results, we are not only living up to our commitments, but we are also exceeding our 2010 financial objectives,” added Marchionne.

Chrysler is now projecting an operating profit of $700 million for 2010, up from its previous $200 million or even.

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Don Amos

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