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Chrysler reduces net losses in Q3

Chrysler Group has reduced its net losses in the Q3 to $84 million (£52.5m) down from $172m (£108m) in the previous quarter.

The company posted an operating profit of $239m (£150m) in Q3 and $565m (£353.2m) for year-to-date 2010.

The improvement was driven by the launch of the new Jeep Grand Cherokee, partially offset by industrial costs associated with seasonal plant changeovers.

Sergio Marchionne, Chrysler Group chief executive officer, said: “A year ago, Chrysler Group laid out clear five year financial goals and after three consecutive quarters of better than forecasted results, we are not only living up to our commitments but we are also exceeding our 2010 financial objectives.

“Chrysler’s financial success is dependent upon the vehicles we design, build and sell. In the next 16 months, the company is delivering 16 new or refreshed products led by the 2011 Jeep Grand Cherokee and including the Fiat 500, signalling the return of the Fiat brand to the US and Canada.”

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