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October 23, 2008

Chrysler indicated early this morning that it had a net loss of $662 million in the second quarter of this year.

Chrysler said in a statement that it is committed to working with the UAW “to address the represented manpower reductions in a socially responsible manner” and will hold meetings with employees to review special programs for the affected locations.

The bulk of the $662-million losses — $572 million — were attributed to the automotive business.

Combined with previous statements, today's announcement indicates that Chrysler's automotive and financing businesses lost $1.17 billion though the first half of the year. During the same time, Ford Motor Co. lost $8.6 billion while General Motors Corp. lost $18.7 billion.

LINK: Chrysler announces job cuts, clarifies losses | | Detroit Free Press
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