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“Substantial Recovery” Underway, Chrysler Claims

Despite problems, maker insists the bottom line is looking up.

by on Jul.22, 2010

Chrysler/Fiat CEO Sergio Marchionne sees a "substantial recovery" underway.

It may be struggling to reverse declining market share, quality problems and a poor public image, but Chrysler’s top executive says the bottom line is looking good and that a “substantial recovery is underway.”

With Chrysler in the black to the tune of $143 million for the first three months of the year,  and on its way to produce another profit for the April-June quarter, the U.S. maker is looking to break even before taxes this year, says CEO Sergio Marchionne.

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Meanwhile, the troubled maker’s new partner, Fiat, has outperformed industry expectations, posting a second-quarter profit of $146 million, which stands in sharp contrast to its year-earlier loss of $231 million.