Chrysler expects $1.6 bln loss this year
Chrysler LLC is on track to lose about $1.6 billion this year, CEO Robert Nardelli told a group of employees this week, The Wall Street Journal reported on Thursday.
Nardelli said the auto maker’s costs will exceed about $64 billion, while its revenue will fall short of $63 billion. Nardelli’s remarks parallel a similar statement last week by Steven Landry, Chrysler’s top sales executive. Speaking to a group of Canadian business students, Landry said last week that Chrysler’s costs would exceed its revenue by about 1 billion dollars. A loss in 2007 would mark the second year in a row that Chrysler has been unprofitable. The company, in which Cerberus Capital Management LP acquired a majority stake in August, posted a $1.4 billion loss in 2006 when it was still part of Daimler Chrysler AG. (people.com.cn)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.