Chrysler Down, Ford Still Rocks
By FITSNews || Chrysler has posted $3.8 billion in losses since emerging from bankruptcy last year – including a net loss of nearly $200 million for the first quarter of 2010. Still, the Italian-owned firm thinks it will end 2010 in the black, although industry analysts are less optimistic.
Specifically, they say Chrysler has merely optimized its balance sheet, but is “floundering” when it comes to product development.
Meanwhile “Government Motors” has lost $4.3 billion since emerging from its bankruptcy last July.
All told, GM and Chrysler took an estimated $65 billion in bailout money – and that’s not including the $3 billion “Cash for Clunkers” bailout. Both firms have also benefited by the federal government’s recent PR war against Toyota. Meanwhile, Ford Motor Company – which refused to take bailout money – posted a profit in 2009, and is predicting even bigger gains in 2010.
Ford will be releasing its earnings data Thursday.
Incidentally, our founding editor will be in the Motor City this weekend with his family to watch Game 5 of the Red Wings-Coyotes series, and has insisted on taking them to see the Henry Ford Museum in Dearborn, Michigan.