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Chrysler to Break Even on Operating Basis in 2010

Chrysler Group LLC Chief Executive Segio Marchionne announced that the auto maker “intends to break even” on an operating basis this year and will hit its target of selling 1.1 million new vehicles in the U.S. He is confident that Chrysler will meet their “ambitious but achievable goals.” Mr. Marchionne said during a keynote address at the Automotive Forum 2010 in New York Tuesday. “The amount of work that had been done to bring down the break-even point—that number ended up being lower than most people thought.” He added that “to the extent that we are producing cash…I feel a lot more comfortable today than I did 12 months ago.” As of Monday the company has stockpiled a just over $5 billion in cash. Mr. Marchionne also stated that the auto maker will invest $500 million in Chrysler’s U.S. dealership network over the next five years.