• Most Popular
  • Most Shared

Chrysler CEO sees $1.6 bln loss this year: report

NEW YORK
Thu Dec 6, 2007 12:34am EST

Stocks

   
Chrysler Chief Executive Robert Nardelli speaks during a news conference at Chrysler Headquarters in Auburn Hills, Michigan, August 6, 2007. Nardelli expects the automaker to lose $1.6 billion this year, the Wall Street Journal reported in its online edition, citing sources familiar with the matter. REUTERS/Rebecca Cook

NEW YORK (Reuters) - Chrysler LLC Chief Executive Robert Nardelli expects the automaker to lose $1.6 billion this year, the Wall Street Journal reported in its online edition, citing sources familiar with the matter.

Stocks

Nardelli said the automaker's costs will exceed $64 billion, while revenue will fall shy of $63 billion, the Journal said, citing people who heard the CEO speak at a gathering of Chrysler engineers outside Detroit.

"Therefore, we will lose about $1.6 billion this year," the CEO said, according to the Journal.

Representatives of Chrysler could not immediately be reached for comment.

On Monday, Chrysler's Vice President of U.S. Sales Darryl Jackson said the company will adjust its North American production schedule weekly in 2008 as the year "looks very tough."

Detroit's Big Three automakers -- Chrysler, General Motors Corp GM.N and Ford Motor (FCZ.N) Co (F.N) -- are bracing for industry-wide sales of roughly 16 million units this year, the lowest tally since 1998.

(Reporting by Justin Grant; Editing by Tomasz Janowski)

(Justin.Grant.reuters.com; 646-223-6000; Reuters Messaging: Justin.Grant.reuters.com@reuters.net)
Stocks


More from Reuters

Photo

Exclusive: U.S. business investment showing life

CHICAGO (Reuters) - A trade group for the lenders that finance half the capital equipment investment in the United States said on Tuesday the sharp pullback in business borrowing that marked the recent downturn moderated markedly in November -- an encouraging sign companies may be growing more confident in the sustainability of the recovery.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
Soldiers look on as U.S. Secretary of Defense Robert Gates speaks to soldiers at F.O.B. Warrior in Kirkuk, Iraq December 11, 2009. REUTERS/Justin Sullivan/Pool

Are you pregnant? Sir! No, Sir!

There are some 115,000 U.S. troops in Iraq -- and one commander wants to make sure his soldiers don't multiply.  Full Article 

Politics