Marchionne: Chrysler will break even in 2010

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Filed under: Chrysler, Earnings/Financials, Fiat

Think Chrysler is having a banner 2010? A quick glance at the sales charts shows a company in dire need of new product, better quality and a Hail Mary on the showroom floor. But as bad as the situation is right now in Auburn Hills, MI, it appears the company could just about be done bleeding cash.



The Detroit News reports that Chrysler/Fiat CEO Sergio Marchionne told a group of reporters that he was committed to breaking even, adding that the company won't lose money on an operations basis this year. Is Sergio being optimistic or is he basing his numbers on cold, hard facts? Who knows, but when asked if there was a chance Team Pentastar could pull of an actual 2010 profit, he reportedly answered "who knows?"



Marchionne also told reporters that Chrysler had $5 billion in cash at the end of 2009, the 2011 Jeep Grand Cherokee was on schedule to hit production on May 3, and that 50 percent of all Chrysler Group vehicles will be riding on Fiat platforms by 2014. The Fiat/Chrysler CEO also reiterated his stance that Chrysler would sell 1.1 million vehicles this year and that U.S. auto sales would crest 11 million units in 2010.



It's only fair that Marchionne gave us a state of The Pentastar update given the fact that today marks the one-year anniversary of when the Obama Administration gave Chrysler 30 days of working capital to work out an official tie-up with Fiat.



[Source: The Detroit News]

Marchionne: Chrysler will break even in 2010 originally appeared on Autoblog on Tue, 30 Mar 2010 16:59:00 EST. Please see our terms for use of feeds.

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