Marchionne: Chrysler still has a lot of work to do to complete comeback

Chrysler Group LLC CEO - Sergio Marchionne

Following its repayment of United States and Canadian loan yesterday, Chrysler CEO Sergio Marchionne told workers that Auburn Hills automaker still has a lot of work to do and that their comeback isn’t complete yet.

Marchionne said that Chrysler still has to sell stock to public investors, which would allow the government to sell its remaining 6.6% share of Chrysler. It also has to negotiate a new contract with the UAW this year.

Most importantly, Chrysler has to introduce a U.S. built compact car that will achieve at least 40 mpg.

All that would allow Fiat to increase its stake in Chrysler from 46% to 51%.

“Today is a major milestone, but our work is by no means finished,” Marchionne said.

– By: Omar Rana

Source: Free Press