Wednesday, April 21, 2010
Chrysler Lost $4 Billion but Sees Signs of Improvement
Chrysler announced that it lost $4 billion since bankruptcy protection nearly a year ago. At the same time it reported positive cash flow and a small operating profit in the first quarter this year. This is the first reports seen since Fiat has taken over. Chrysler is on track for meeting its 2010 goal of a "break-even-or-better performance." Fiat sales grew slightly while they reported first quarter loss of $34 million, which is much less than last years first quarter loss. Chrysler has been "improving trading margins, operational efficiencies and rigorous cost discipline," in order to cut costs.
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This is a great indicator of growth in the automotive industry. As firms have become much leaner, they have become more efficient and profitable. It seems like Fiat is running a good company now. Chrysler will have to start gaining market share back and at least they are not 61 percent owned by the Treasury, just 10 percent.
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