US: Chrysler cash position strong – Marchionne

5 November 2009 | Source: just-auto.com editorial team

Fiat/Chrysler CEO Sergio Marchionne has said that Chrysler is strengthening its cash position and that analysts underestimate the firm's financial resilience following cost-cutting.

"Most of you underestimated the substantial reduction in fixed costs that was carried out by the old Chrysler," he told an audience of journalists, analysts and executives at Chrysler's Auburn Hills headquarters.

"The new Chrysler is being incredibly parsimonious," he said.

He also said Chrysler had exited its US government-sponsored bankruptcy in June with US$4bn in
cash and closed September with US$5.7bn on its books.

Chrysler Group Chairman Bob Kidder said that Chrysler's top priority was to 'invest and create a compelling brand and product offering.'

Chrysler said it will have 21 new models co-developed with Fiat by 2014 and share three vehicle platforms with the Italian firm.

See also: Major model refresh by end of 2010