Chrysler Group lost $690 million in the first quarter after buying out the shares of a union retiree trust and propping up its worker training program, reports The Detroit News.
The automaker reported a 23% increase in revenue to $19 billion and a 10% increase in sales to 621,000 vehicles from January through March. However, that wasn’t enough to offset the $1.2 billion in unfavorable charges, the newspaper said.
The company reported net income of $486 million, excluding special items.
Source: The Detroit News
