Chrysler reports $172 million in second-quarter losses

By Jim Hagerty
Staff Writer

Citing inching sales, Chrysler Group LLC announced Monday, Aug. 9, it has reported a net loss of $172 million for the second quarter. The dip indicates the company may be still struggling to emerge from the bankruptcy it completed last June.

Chrysler reported a $197 million loss in the first quarter of 2010. It did not report second-quarter stats a year ago.

Elsewhere in Detroit, Ford Motor Co. reported $2.6 billion in net income while General Motors had yet to disclose its second-quarter numbers at press time.

Analysts predict GM to report favorably. Some say the company could move toward a more favorable business model, with the recent purchase of its new financing wing, AmeriCredit. The Texas lender will replace the battered GMAC, which tanked because of astronomical losses in the subprime mortgage sector two years ago. Unlike GMAC, AmeriCredit will also offer subprime auto financing.

From the Aug. 11-17, 2010 issue