The turnaround is largely due to a rash of new products from Chrysler. The automaker is knee-deep in a campaign to launch 16 new or significantly rehashed models in as many months, and after a long period of model stagnation, fans of the brand are beginning to respond. The company has seen sales jump by 20 percent in the third quarter in the U.S., according to Automotive News. Hit the jump for Chrysler's official press release.
[Sources: Chrysler, Automotive News | Image: AP Photo / Wilfredo Lee]
* Net Revenues increased to $11.0 billion in Q3 2010, up 5.2 percent from Q2, and Net Loss reduced to $84 million from $172 million in Q2 2010
* Positive Cash Flow of $419 million in third quarter, further strengthening Cash Position to $8.3 billion as of September 30, 2010
* Based on continued operating performance improvement, full year guidance is revised upwards to an Operating Profit of ~$0.7 billion (from $0.0-0.2 billion), Positive Free Cash Flow of ~$0.5 billion (from negative $1 billion)
November 8, 2010 , Auburn Hills, Mich. - Chrysler Group LLC today issued its financial results for the third quarter 2010 and revised upwards its full year 2010 guidance based on continued operating performance improvements.
Sergio Marchionne, Chief Executive Officer of Chrysler Group LLC stated, "A year ago, Chrysler Group laid out clear and concise five year financial goals and after three consecutive quarters of better than forecasted results, we are not only living up to our commitments but we are also exceeding our 2010 financial objectives.
"Chrysler's financial success is dependent upon the vehicles we design, build and sell. In a mere 16 months, the Company is delivering 16 all-new or refreshed products led by the critically acclaimed all-new 2011 Jeep Grand Cherokee and including the Fiat 500, signaling the return of the Fiat brand to the U.S. and Canada. We are committed to ensuring that every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee. Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive auto maker," Marchionne added.