Chrysler CEO tells dealers it lost $400 million in 2008

According to a report by the Wall Street Journal Chrysler told its dealers yesterday that it had lost $400 million so far in 2008. CEO Bob Nardelli told dealers that sales fell 24 percent through August. He said that despite cutting costs, Chrysler continues to lose money and has $11 billion in cash.

A Chrysler spokesman declined to comment on the report and said that the company was meeting or exceeding financial targets. He said that the company was “not in the black on a net basis.”

Chrysler LLC lost $1.6 billion in 2007. Well, let’s hope its new plug-in electric-vehicles help boast image and sales.

 

Source: Automotive News (Subscription Required)