CHRYSLER LOSS ESTIMATE MORE THAN DOUBLES

DaimlerChrysler AG announced that it expects the Chysler division to lose nearly $1.52 billion in the third quarter, up from earlier estimates of $630 million. From The Wall Street Journal:

In a statement, the automaker raised its estimate of the Chrysler Group third-quarter operating loss from €500 million to be €1.2 billion due to "excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles." The company also said its competitors have "further increased margin and volume pressures – particularly on light trucks - by making significant price concessions."