Chrysler: Burning $1 Billion Cash Per Month
As we suggested earlier, today's Senate Banking committee hearing may pull back the curtain a little on Chrysler, which has been privately held since May 2007.
Moments ago, Chrysler chief Bob Nardelli said that in the third quarter of this year, his company burned through cash at a rate of $1 billion per month.
This compares to GM, which burned through $2.3 billion per month in the third quarter, a number that was public.
Nardelli also said that Chrysler ended the quarter with $6.1 billion in cash, which is "dangerously close" to what the company needs to stay in business.
For the first three quarters of this year, Chrysler burned $5 billion in cash.
-- Frank Ahrens
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November 18, 2008; 5:50 PM ET
Categories: The Ticker | Tags: Chrysler, Detroit bailout
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