Restructuring of Chrysler is getting positive results, says CEO Sergio Marchionne

Article by Christian Andrei, on August 29, 2010

Sergio Marchionne, the CEO of both Fiat SpA and Chrysler, revealed that the restructuring of Chrysler is getting "positive results." After an industrialists' conference Friday in Parma, Italy, Marchionne said that with regards to the market share figures from the US, there is a "slow gradual process," and that people have to give this re-making exercise some time.

He shared that he is now more confident about Chrysler's prospects than a year ago.

In the first quarter of 2010, US sales of Chrysler Group vehicles dropped 5% as Marchionne cut discounts to consumers.

Meanwhile, sales in the entire car industry in the US had risen by 16%. Marchionne had said that he is against incentives that would only serve to widen market share but at the expense of profits.

Autodata Corp. disclosed that Marchionne had reduced discounts for Chrysler, Dodge and Jeep brand vehicles by $1,122 in the first quarter, which is considerably more than the cuts made by General Motors Co. of $230 and Ford Motor Co. of $214.

Toyota Motor Corp. and Honda Motor Co. offered no-interest loans and other discounts that cut transaction prices. In the quarter, the value of Toyota's incentives went up 22%, while Honda's rose by 25%.

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