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)