With a glut of new and updated models to peddle, Chrysler has reportedly upped its marketing budget to $2.9 billion for 2011, up from $1.72 billion in 2010. The automaker outlined the costs in documents given to the Securities and Exchange Commission.
The increase should mean you'll hear more from Chrysler in 2011, after a couple years of quiet while they climbed out of bankruptcy and joined forces with Fiat at the end of 2009. A fair share of the marketing budget will go not to selling cars, but courting investors before its new initial public offering later this year.
Basically, it needs to convince buyers that it's building better, more-reliable cars and investors that the company is a stable and viable concern for the future.
[Source: The Detroit News]