Marchionne says Chrysler cash burn has slowed

In an interview with Bloomberg News, Chrysler Group CEO Sergio Marchionne, says the rate at which the company is going though cash has slowed since it emerged from bankruptcy last month.

“We are still burning cash, but it’s slowed down by far,” Marchionne, told Bloomberg reporters in New York City yesterday. “The question is how quickly we can stop the bleeding. That is priority No. 1.”

Chrysler Group is working with $6 billion in fresh government-supplied funding and went through $8.9 billion last year. Marchionne wouldn’t disclose the new company’s cash burn rate but does plan to provide updates on the automaker’s financials, even though it is not a publicly traded company.

Marchionne said, “It would be very useful for the public, and the people who have funded us, including the taxpayers, to know how we’re doing,” adding he’s working on the specifics of what to report and when with the Treasury.

 Like on Facebook