The head of struggling US automaker Chrysler LLC expressed satisfaction Sunday with the progress of the company's multi-year restructuring and recovery plan.
Chrysler has done a “heck of a job” since August, when Cerberus Capital Management bought the company, said chief executive Bob Nardelli, pointing to a salary deal reached with the workers' union.
“We feel very good at the moment with the robustness of the products this year, and with the pipeline,” he told reporters during the auto show in Detroit, Michigan.
The former head of Home Depot, who was appointed to head Chrysler in August, said the car company limited its loss of market share in the United States despite a drop in demand amid a halting US economy.
“From a financial standpoint, we're pleased that we have met and sometimes exceeded our metrics, including our cash level,” Nardelli added. “We've reduced our base inventory, we're improving working capital.”
Chrysler, which is the third-largest US automaker, has been slashing thousands of jobs in a bid to adapt to what it says is a shrinking US car market.
Last year, Chrysler ended a nine-year tie-up with Daimler of Germany, with US private equity firm Cerberus buying the ailing Detroit giant for 7.4 billion dollars.
