Chrysler posts quarterly loss
Chrysler Group LLC reported a quarterly net loss Monday, underscoring the pressure on the smallest U.S. automaker from a slack economy and an aging product lineup.
The automaker, which plans an initial public offering next year, said U.S. sales grew 12% in the first half of the year, lagging the industry’s slower-than-expected growth of nearly 17%.
Chief executive Sergio Marchionne said Chrysler had an “extraordinary amount of work” remaining in its turnaround, but its restructuring was on track.
The automaker, which emerged from a U.S.-government supported bankruptcy in June 2009 under the management control of Italy’s Fiat SpA, said it could raise its financial outlook later this year.
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