With Ford having released its 2010 results last week, today Chrysler Group issued preliminary results for its fourth quarter and total year 2010.
In Q4 2010, net revenues decreased 2.3 percent to $10,763 million, as compared to Q3 2010, primarily due to reduced shipment volumes as the company launched production of 11 new vehicles. Total year 2010 net revenues were $41,946 million, in line with full year 2010 guidance.
The company posted a modified operating profitof $198 million in Q4 2010 and $763 million for total year 2010. The Q4 2010 operating performance, in comparison to Q3 2010, was driven primarily by improved mix and pricing, industrial efficiencies and improved quality, more than offset by lower volumes, increased advertising investment and higher launch costs.
Worldwide vehicle salesof 374,000 units for Q4 2010 represented a decrease of 7 percent compared to 401,000 units in Q3 2010, due mainly to reduced fleet volume associated with the new model changeovers in Q4. Total year 2010 worldwide sales were 1,516,000 units. US market share for full year 2010 was 9.2 percent, versus 8.8 percent in 2009. Canadian market share increased to 13 percent for full-year 2010 compared to 11 percent in 2009.
Worldwide vehicle shipments in Q4 2010 were 382,000 units, a decrease of 6 percent versus Q3 2010. US vehicle shipments totaled 270,000 units compared to 301,000 units in the prior quarter. Total year 2010 worldwide vehicle shipments were 1,602,000 units.
"As Chrysler Group's brand displays at the Detroit auto show confirmed, the company has lived up to its promise to launch 16 all-new or significantly refreshed vehicles in the past 12 months," said Sergio Marchionne, chief executive officer, Chrysler Group LLC. "All of these vehicles bear testimony to Chrysler's rebirth. Given the positive comments we have received to date, it can safely be said that what Chrysler delivered last year, on both the product and financial fronts, surpassed many expectations.
"However, our job is not yet done. We have a lot of work ahead to fulfill our five-year business plan objectives," he added.
During the fourth quarter Chrysler opened its sixth manufacturing plant, the new Saltillo Engine Plant in Coahuila, Mexico. Production of the Fiat 500 began at the Toluca, Mexico Assembly Plant in Q4 2010, marking the brand's return to the US and Canada after a 27 year absence.
