Jim Press, Chrysler co-president, said the $1.1 billion was Chrysler's earnings before interest, taxes, depreciation and amortization. Chrysler also had $11.7 billion "in cash and marketable securities," he told reporters from Automotive News. The announcement came a week after Chrysler said it would pull out of leasing because its finance arm was losing so much on declining residual values for pickups and SUVs.
Chrysler has also announced that it remains ahead of its turnaround target and aggressive restructuring plan, despite double-digit drops in sales for the past several months. Chrysler’s sales fell 28.8% in July compared with levels a year ago.