Chrysler Loses $515 Million in First Quarter of 2008

As a privately-owned company, Chrysler LLC doesn’t have to disclose its financial well-being, but the company revealed it lost a whopping $515 million in the first quarter of 2008.

The revelation comes after Daimler AG, a publicly-traded company, announced its stake in Chrysler (approximately 20 per cent) lost the company €373 million, or approximately $585 million.

Chrysler officials note that most of the loss comes via a series of adjustments, the biggest (€130 million) due to differences between U.S. and international finance reporting standards. Instead, Daimler’s net loss is approximately $103 million; seeing as that stems from only a fifth of Chrysler, the automaker’s losses total close to $515 million.

Although the damage is less than first-quarter losses posted by GM ($3.25 billion), it’s still a staggering figure.; If similar losses continue through 2008, Chrysler could lose more than it did in 2007, which was approximately *** billion.

Source: Detroit News