Chrysler expects profit in 2011, will repay U.S. loans by 2014

Chrysler Group LLC Chief Executive Officer Sergio Marchionne and italian Minister of Economic Development Claudio Scajola

Chrysler Group LLC said today that it will break even in 2010 and expects to turn profit in 2011 and generate $5 billion in operating profit by 2014. CFO Richard Palmer said that the advances will be driven by a boost in sales, cutting sales and a more efficient supply-chain.

At Chrysler’s 5-year business plan conference, Palmer said that by 2014, Chrysler will repay the $12.5 billion in U.S. loans that have kept it going through bankruptcy and the worst U.S. sales climate in 30 years, reports Automotive News.

He said that by 2014, Chrysler expects its vehicle sales to more than double on a global scale from 1.3 million this year to 2.8 million. U.S. sales are expected to jump from 950,000 to 2 million.

– By: Omar Rana