Chrysler has lost $4 billion since emerging from bankruptcy in June but said today it was on target to meet its financial goals in 2010.
In its first post-bankruptcy results, Chrysler reported a $197m loss in the first quarter and a $3.8 billion net loss for the months between June and December. The 2009 loss included a nearly $2.1 billion non-recurring charge related to retiree health care benefits.
'The steady progression of our financial results shows that Chrysler is on track to meet the ambitious, yet achievable goals announced in November,' Sergio Marchionne, the chief executive officer of Chrysler Group, said.
Those goals include an operating profit of up to $200m and achieving net revenues of $40-45 billion.
The number three US car maker reported modified earnings of $538m for 2009 and ended the year with $5.9 billion in cash.
Chrysler said that its vehicle sales worldwide rose to 334,000 in the first quarter from 318,000 in the fourth quarter of 2009.
Chrysler formed a strategic alliance with Fiat upon emerging from bankruptcy last June. The Italian car maker holds a 20% stake in Chrysler and Marchionne, who also heads Fiat, has expressed interest in raising that stake to 35%.
