Marchionne: Chrysler recovery will be gradual

[Intrepidation 839]

The chief executive of Chrysler says the automaker's recovery will be gradual but the company is making progress following its speedy government-led bankruptcy.

CEO Sergio Marchionne (MAR-key-own-ee) said in a speech to a Washington think tank that his new leadership team is "not planning miracles at Chrysler" but is committed to creating "rapid change" at the Michigan automaker.

Marchionne's Fiat Group SpA owns 20 percent of Chrysler with an opportunity for more and was put in charge of rescuing the automaker by the U.S. government. Chrysler emerged from bankruptcy protection in June.

He told the Peterson Institute for International Economics that Chrysler broke even in September and is committed to a five-year plan to overhaul its vehicle lineup and double sales.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/12/07/national/w113953S33.DTL&feed=rss.news_politics#ixzz0Z2kiTcLP

[A Horse With No Name 1,197]

Awesome!

[CSpec 515]

Sounds like Chrysler was much, much worse than Fiat thought when they bought it.

[PONTIAC06 22]

Sounds like Chrysler was much, much worse than Fiat thought when they bought it.

I would have to agree...I guess no one really knew what was going on while Cerberus was at the helm. One downside to a private company...at least for those of us who want to keep up to date