Michigan Chrysler Dealers Hear Chrysler Posts Net Loss for 2010, but 2011 Outlook Brighter
DETROIT, M.I. – Michigan Chrysler dealers learned that Chrysler Group LLC officially reported a net loss for the 2010 year. Chrysler was one of the major automakers that went bankrupt in 2009 and sought aid from the government to continue business. For this reason, Chrysler was expecting lower profits for the year. In the end, the projected numbers were higher than expected, but there was still a loss for the year.
"What Chrysler delivered last year, on both the product and financial fronts, surpassed many expectations," Sergio Marchionne, Chrysler CEO, said in a statement issued by the company.
The first projections included a break-even for the year; but the final net loss for 2010 was $652 million while the operating profit was $763 million, which is a higher number than the adjusted figure of $700 million that Marchionne had projected.
Although Chrysler's net revenue was $41.9 billion for 2010, Chrysler believes that what made it so difficult to hit its goal of $42.5 billion was the $1.3 billion that was charged in interest from the federal government for the 2009 bailout.
Michigan Chrysler dealers have been a part of the announcements as Chrysler unveiled 16 new/upgraded vehicles that were added to its lineup last year.
"All of these vehicles bear testimony to Chrysler's rebirth. As Chrysler Group's brand displays at the Detroit auto show confirmed, the company has lived up to its promise to launch 16 all-new or significantly refreshed vehicles in the past 12 months," said Marchionne.
The Jeep Grand Cherokee is taking the lead as Chrysler is aiming for an IPO sometime this year as its competitor General Motors did in 2010. Chrysler hopes the IPO will be as successful for its company as it was for General Motors.
[Rewind: Detroit MI Automaker General Motors Stock Up 15 Percent Since IPO]
Michigan Chrysler dealers were happy to see Chrysler's market share grow from 8.8 percent to 9.2 percent. Chrysler is projecting a much better year for 2011 with expected net revenues of $55 billion, which will exceed the original projections of $52.5.
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