Chrysler to make operating profit in Q2 2010: CEO
Sergio Marchionne, head of troubled US car maker Chrysler, said today the company would "make an operating profit" in the second quarter of 2010.autos Updated: Jul 21, 2010 21:38 IST
Sergio Marchionne, head of troubled US car maker Chrysler, said on Wednesday the company would "make an operating profit" in the second quarter of 2010.
Marchionne, who is also the chief executive of Italian car manufacturer Fiat, did not offer any other details on Chrysler results during a conference call with analysts on Fiat's second quarter results.
He said a conference call on Chrysler's results would be held on August 9.
In the first three months of 2010, Chrysler made an operational profit of 143 million dollars (111.5 million euros) while posting a net loss of 197 million dollars.
Chrysler sales in the second quarter grew by 22 per cent to 407,000 vehicles compared to the previous three months, with US sales growing by 24 per cent to 292,000 vehicles, according to a Fiat presentation.
On Wednesday Fiat took a big step toward Marchionne's dream to become a truly global player as the company's board approved a spin off of its non car activities.
Marchionne is seen to be positioning the group to join the fray as major world auto makers seek new alliances, a year and a half after orchestrating a tie up with near bankrupt US automaker Chrysler.
Fiat acquired a 20 per cent stake in the then bankrupt Chrysler last year in exchange for clean car and small car technology and is expected to raise it to 35 per cent over the next two years.
First Published: Jul 21, 2010 21:34 IST