Marchionne: Chrysler on track to break even in 2010

Sergio Marchionne had made a commitment to break even in 2010, and that promise will be kept. When asked if Chrysler will turn a profit this year, he was unsure, but said that the company is still on track break even. He also advised that we ill not be seeing Chrysler engaged in any kind of incentive war, as has been the deal with Toyota and other companies that have followed suit.

Marchionne predicts industry sales in excess of 11 million units for 2010, and said that Chrysler ended “09 with $5 billion in the bank. Chrysler is to provide a financial update on April 21 in Italy, as part of a Fiat event.

The Italian CEO is also touting the much-awaited Jeep Grand Cherokee, which will start being produced in May and is to showcase the latest and greatest in Chrysler”s vehicle technology. So far 86 former Chrysler dealers have been reinstated, and the company plans to invest $500 million in its dealer network over the next five years.

– By: Stephen Calogera

Source: Detroit News