Tag: profit

Marchionne: Chrysler profit not likely for 2010

Filed under: Plants/Manufacturing, Chrysler, Earnings/Financials, Fiat

Sergio Marchionne harbors no illusions about Chrysler being in the black for 2010. The Detroit News reports the Chrysler chairman and Fiat CEO stated flat out that a net profit in 2010 isn’t likely during an August 23rd tour of a Toledo Jeep plant. Despite recent reports of operating profits from Chrysler, there’s still tremendous cost associated with loan interest payments and a lineup of moribund product to turn over. Add to the mix the reintroduction of Fiat automobiles to the U.S. market, and you’ve got an outlook that’s best described as “challenging.”

Still, Marchionne told U.S. Vice President Joe Biden, also in attendance, that Chrysler is “ahead of plan” during the tour. That plan includes paying back its $12 billion in governmental loans and launching the Fiat 500 in North America. A meeting on August 30th will lay out the requirements for dealers interested in Fiat stores, and Marchionne reports strong interest.

Dealers that choose to take on Fiat must create standalone showrooms for the brand, requiring significant investment, though there’s little overlap between Fiat and Chrysler product lines to muddy sales efforts. Other rumors that Marchionne dodged were talk of a Jeep Liberty-based SUV to be built in Toledo, and whether or not an Alfa Romeo sedan will be built in Brampton, Ontario.

[Source: Detroit News]

Marchionne: Chrysler profit not likely for 2010 originally appeared on Autoblog on Tue, 24 Aug 2010 13:59:00 EST. Please see our terms for use of feeds.

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Autoblog Podcast #190 – Chrysler profit, Top Gear USA and small Buicks

Filed under: Podcasts, Etc., Government/Legal, Safety, Buick, Chevrolet, Chrysler, Ford, GM, Honda, Lexus, Lincoln, Earnings/Financials

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Chris, Sam and Dan come back for Episode #190 of the Autoblog Podcast, and this time around we talk about Chrysler’s profit announcement, the Top Gear USA trailer, Honda’s latest recall, the Buick Verano. We also touch on a Ferrari-based Lancia Stratos tribute and GM’s prospects for selling Chevrolet Volts. We kick the ball around on a single question before calling it a night right at the hour mark. Thanks for listening, see you next week!

Autoblog Podcast #190 – Chrysler profit, Top Gear USA and small Buicks

In the Autoblog Garage:

Ford F450 Super Duty
Lexus RX450h
Lincoln MKT

News:

  • Chrysler Profit
  • Top Gear USA Trailer
  • Buick Verano
  • Lancia Stratos tribute
  • GM says Chevrolet Volt will find buyers

Hosts:
Dan Roth, Sam Abuelsamid, Chris Shunk

Runtime: 67:26

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Autoblog Podcast #190 – Chrysler profit, Top Gear USA and small Buicks originally appeared on Autoblog on Tue, 10 Aug 2010 17:15:00 EST. Please see our terms for use of feeds.

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Marchionne: Chrysler earned operating profit in Q2

Filed under: Chrysler, Earnings/Financials, Fiat

Chrysler may be more than a little short on new products right now, but that apparently isn’t stopping Team Pentastar from bolstering its bottom line. The Detroit Free Press reports that Fiat/Chrysler CEO Sergio Marchionne told reporters that Chrysler managed to produce black ink between April and June. We won’t know exactly how much money Detroit-based automaker pulled in until August.

In any case, this counts as phenomenal news for the struggling automaker, which went through bankruptcy proceedings during the second quarter of 2009. Chrysler also posted an operating profit of $143 million in the first quarter, though one-time costs meant an overall loss of $197 million at that time.

While we’ll have to wait a couple more week for Chrysler’s official Q2 numbers, Fiat has already posted its results for the quarter. The Italian automaker managed a $146 million profit bolstered by a 12.5 percent increase in revenue. Global sales reportedly grew by 6.7 percent versus the same quarter in 2009, even with a 21.5 percent drop in sales in Italy. Fiat’s domestic market sales were negatively impacted due to the end of the country’s Cash for Clunkers-style program.

[Source: Detroit Free Press | Image: Joe Raedle/Getty]

Marchionne: Chrysler earned operating profit in Q2 originally appeared on Autoblog on Wed, 21 Jul 2010 18:59:00 EST. Please see our terms for use of feeds.

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Report: Russia’s AvtoVAZ finally turns a profit after many years

Filed under: Plants/Manufacturing, Earnings/Financials, Renault, Russia

During the first quarter of 2010, Russian automaker Avtovaz lost 2.6 billion rubles ($85M U.S.). In the second quarter it made almost a third of that back when it posted a net profit of one billion rubles ($32.7M U.S). The spike came courtesy of Russia’s cash-for-clunkers program, which more than doubled the firm’s sales over Q1 numbers to 149,100 cars.

The cars that sold were reported to be mainly “older and cheaper models.” In response, Russian Prime MInister Vladimir Putin advised Avtovaz CEO Igor Komarov to modernize the company, rather than flogging ancient Lada designs even if the flogging is good. Komarov said Avtovaz is sending a team of 500 to study Renault’s manufacturing methods, which could mean they’re finally getting around to that technology sharing broached almost a year ago. Now if we could just get that Lada C concept built…

[Source: BBC]

Report: Russia’s AvtoVAZ finally turns a profit after many years originally appeared on Autoblog on Thu, 15 Jul 2010 07:58:00 EST. Please see our terms for use of feeds.

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