Marchionne: Chrysler to have difficulty turning 2010 profit

After Vice President Joe Biden addressed autoworkers at a Chrysler plant in Toledo that make Jeep Wranglers, Chrysler CEO Sergio Marchionne told reporters it will be “difficult” for the Auburn Hills automaker to turn a net profit for the full year 2010.

While Marchionne didn’t go into exact financial details for either third or fourth quarter of the year, Chrysler, which emerged from U.S. supported bankruptcy in June 2009, narrowed its net loss to $172 million in the second quarter, from a $197 million net loss in the first quarter. Chrysler operating profit was up 28 percent to $183 million from the first quarter and for the first six months of 2010, the company’s operating profit hit $326 million, exceeding its target.

Marchionne said that he is so far “satisfied” with the turnaround plan and.

“We’re ahead of plan,” Marchionne told reporters. “We are delivering on everything we said. We are doing it quietly, keeping our head down.”

– By: Omar Rana

Source: Reuters