Chrysler Losses Cause Profit to Plummet 90%
From Associated Press
More than $1 billion in losses at Chrysler squeezed profit at DaimlerChrysler down by 90% in the second quarter.
The company, based in Stuttgart, Germany, and Auburn Hills, Mich., said it earned $125 million in the April-June period. Sales fell 13% to $39.5 billion; the company blamed this partly on a weaker U.S. dollar.
The company stuck with its forecast of an operating profit of about $5.7 billion this year but hedged Chrysler’s target of a slim operating profit for the year by saying there were substantial risks because of the uncertain U.S. market.
DaimlerChrysler shares rose $1.01 to $35.71 on the New York Stock Exchange.
