Marchionne says Chrysler cash burn is slowing

Posted on Wednesday, July 1st, 2009 at 11:19 AM EDT.

Chrysler Group LLC has stemmed the pace at which it uses cash after emerging from bankruptcy last month, CEO Sergio Marchionne said in an interview with Bloomberg News.

Chrysler went through $9.6 billion in cash in 2008. The Detroit automaker reorganized around what it considered its best assets and $6 billion in fresh financing from the U.S. and Canadian governments, the story said.

“We are still burning cash, but it’s slowed down by far,” the news agency quoted Marchionne, who is also CEO of Italy’s Fiat S.p.A., as saying. “The question is how quickly we can stop the bleeding. That is priority No. 1.”

Marchionne said he wanted to disclose Chrysler’s financial information even though the automaker was not publicly listed, Bloomberg reported today. He said he was working with the U.S. Treasury to decide what information Chrysler might release and when, the story said. (Reuters/Automotive News)

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