Chrysler LLC has lost some USD400m so far this year amid slumping sales.
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The Wall Street Journal has reported that Chief Executive Robert Nardelli and other Chrysler executives told dealers yesterday that the company has slashed costs but is still losing money.
The company still has USD11bn in cash, the report said, citing ‘two people at a session for dealers where the figures were released’.
Chrysler’s sales in the US, its main market, have slumped on higher gasoline prices and the fallout from the credit crunch and a much weaker residential property sector. It’s product lines are more heavily geared to trucks and big cars than other OEMs.
According to Ward’s data, Chrysler’s US sales in the January-August period are some 24.4% down on the same period last year.
US: August sales report (includes data tables at bottom of article)
