Chrysler ups profit forecast as market share recovers
Baku, November 8 (AZERTAC). US carmaker Chrysler has raised its annual profit forecast to $700m (£435m), after third-quarter results showed market share recovering, according to BBC News.
The US carmaker previously expected to make only $200m in the current year.
Chrysler made a loss of $84m during the past three months, down by half from a $172m loss in the previous quarter.
Total revenues rose 5% to $11bn, helped by a 40% jump in sales for its new Jeep Grand Cherokee, pushing its US market share up to 9.6%.
At the time of its bankruptcy its market shares had been 7%.
“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,” said the company`s chief executive, Sergio Marchionne, commenting on the financial results.
Management of Chrysler was taken over by Fiat of Italy last year after the US company entered government-sponsored bankruptcy.
Fiat is helping the US company to bring a range of new cars to the US market over the coming months.
“Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive automaker,” added Mr Marchionne.
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