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Chrysler says exceeding financial targets

DETROIT
Tue Jul 1, 2008 4:19pm EDT

DETROIT (Reuters) - Chrysler LLC CBS.UL President Jim Press said on Tuesday the automaker is exceeding all of its financial targets set by private equity owner Cerberus Capital Management despite sharply lower sales this year.

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Press told analysts and reporters on a conference call that Chrysler has been successful in maintaining its cash position and that reductions in fixed costs have been "way above" its initial plan.

The comments came after the struggling automaker posted a 36 percent fall in June vehicle sales.

(Reporting by Soyoung Kim, editing by Leslie Gevirtz)
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