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Chrysler narrows losses in Q2


Chrysler narrows losses in Q2


Chrysler has posted a second-quarter net loss of 130 million euros. That was slightly less than it lost in the first three months of the year and indicated the turnaround is on track during what it describes as a time of stabilisation and transition.

The carmaker also said it is “highly probable” it will raise its financial outlook later this year.

Chrysler’s sales in the US rose by 31 percent from the same period last year compared with an 18 percent increase for the industry as a whole.

It emerged from US government supported bankruptcy protection in June last year. The government still owns 10 percent of Chrysler.

Italy’s Fiat owns another 20 percent and has management control.

Chief Executive Sergio Marchionne said the results confirmed Chrysler was on track to achieve its goals but he added “an extraordinary amount of work still lies ahead.”

To cut costs Chrysler has developed hardly any new models recently which will be a problem for future sales.

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