Chrysler Reports Loss in Fourth Quarter; Predicts Gain in 2011

Photo Courtesy - Karen Bleier/AFP/Getty Images(AUBURN HILLS, Mich.) -- Chrysler Group LLC reported Monday it lost $199 million in the fourth quarter of 2010, bringing the automaker's total loss for the year to $652 million.

The company also said its net revenues went down 2.3 percent during this latest quarter, mainly due to reduced shipment volumes as it launched productions of 11 new vehicles.

"All of these vehicles bear testimony to Chrysler's rebirth," said Sergio Marchionne, Chief Executive Officer of Chrysler Group LLC.  "Given the positive comments we have received to date, it can safely be said that what Chrysler delivered last year, on both the product and financial fronts, surpassed many expectations."

"However, our job is not yet done.  We have a lot of work ahead to fulfill our five-year business plan objectives," Marchionne added.

Despite its loss, Chrysler predicts it will come out gaining in 2011, saying it expects to take in a net income between $200 million to $500 million this year.

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