Tuesday, August 05, 2008
Chrysler secures $27bn finance agreement
Money will be used to help consumer finance division
Chrysler has secured a $27bn (£13.7bn) finance agreement in an attempt to help its struggling business financial arm, according to the Financial Times.
The US carmaker hopes the funding will enable it to continue offering discounts and incentives to customers wanting to finance their purchases of Chrysler, Jeep and Dodge vehicles.
The American company has attempted to offset rumours about its financial woes by reporting that as of 30 June, it had cash reserves of $11.7bn – a figure only slightly lower than at the end of 2007.
The carmaker said that it was “well ahead of plan”, earning a first-half profit – before taxes, interest and restructuring costs – of $1.1bn.
These claims come despite Chrysler’s US July sales standing 29 per cent lower than last year.
DATED: 05.08.08
FEED: MT
Chrysler has secured a $27bn (£13.7bn) finance agreement in an attempt to help its struggling business financial arm, according to the Financial Times.
The US carmaker hopes the funding will enable it to continue offering discounts and incentives to customers wanting to finance their purchases of Chrysler, Jeep and Dodge vehicles.
The American company has attempted to offset rumours about its financial woes by reporting that as of 30 June, it had cash reserves of $11.7bn – a figure only slightly lower than at the end of 2007.
The carmaker said that it was “well ahead of plan”, earning a first-half profit – before taxes, interest and restructuring costs – of $1.1bn.
These claims come despite Chrysler’s US July sales standing 29 per cent lower than last year.
DATED: 05.08.08
FEED: MT
