Chrysler Announces Second Quarter Losses

Chrysler announced Thursday morning that it suffered a total net loss of $662 million in the second quarter of this year.

These new figures reveal Chrysler lost a total of $1.17 billion lost in the first half of this year. During the same period, Ford Motor Company lost $8.6 billion and General Motors lost $18.7 billion.

Furthermore, it announced that it would be closing its Newark, Delaware, Assembly Plant earlier than expected and that it will cut a shift at its Toledo North Assembly Plant.

The shift reduction in Toledo, which builds the Jeep Wrangler, will begin on December 31, and will affect about 825 jobs. The Newark plant – home of the Dodge Durango and Chrysler Aspen – will close on December 31, eliminating 1000 jobs. The Newark plant was originally slated for closure in late 2009, but it has been bumped up to the financial problems of Chrysler.
Still, talks continue between Cerberus Capital Management, Chrysler’s owner, and both GM and Renault-Nissan about the possibility of a merger.
Source: Detroit Free Press


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