DaimlerChrysler said its U.S. Chrysler division is â€œnot-for-sale,â€ after the company released a poor third-quarter earnings report results which indicated a 51 percent drop in operating profit. Analysts went on to speculate that Chrysler could by up for sale.
The speculation got a boost after DaimlerChrysler announced a $1.5 billion operating loss in its Chrysler division which played a large role in dragging down the automaker's third-quarter profit by 37 percent. A statement was later released by DaimlerChrysler confirming that the Chrysler Group is â€œnot-for-saleâ€.
Overall sales fell 8 percent to $44.6 billion (â‚¬35.2 billion), after the group experienced a 26 percent decline at Chrysler to $12 billion (â‚¬9.5 billion).
â€œWe have taken dramatic steps to reduce production and shipments to address the inventory situation in the U.S. and we continue to work to find new ways to eliminate waste, lower our costs and improve quality,â€ Chrysler CEO Tom LaSorda said in a statement.