Chrysler increases expected Q3 loss by nearly $1 billion
The Chrysler Group is stepping in line with Ford today, which earlier announced more buyouts for Blue Oval workers, plant closings and that it won't see a profit in North America until 2009 at the earliest, to announce that it has increased the amount it expects to lose in the third quarter by almost $1 billion to a total of $1.5 billion. Citing a laundry list of reasons mirroring those that also caught Ford by surprise, including high fuel prices, lack of a competitive small vehicle lineup and high legacy costs, Chrysler states that it will take the hit this quarter but is "striving" to achieve a profit in Q4. The automaker will have eight new vehicles out by year's end to help achieve that aim, including the new Dodge Caliber, Jeep Patriot and Compass, and Chrysler Sebring. We wish 'em the best of luck.