Corp Chrysler

Chrysler Corp., the smallest and most vulnerable of the Big Three U.S. auto makers, reported a $341-million loss for the first quarter Wednesday, affirming the period as the domestic auto industry's worst three months ever. "The quarter was abysmal," Chrysler Chairman Lee Iacocca said. "Industry volume simply collapsed." Together, the Big Three lost $2.3 billion in the first three months of the year, surpassing the previous record of $2.1 billion in the fourth quarter last year.

Chrysler Corp., the smallest and most vulnerable of the Big Three U.S. auto makers, reported a $341-million loss for the first quarter Wednesday, affirming the period as the domestic auto industry's worst three months ever. "The quarter was abysmal," Chrysler Chairman Lee Iacocca said. "Industry volume simply collapsed." Together, the Big Three lost $2.3 billion in the first three months of the year, surpassing the previous record of $2.1 billion in the fourth quarter last year.

Sales Rise at Chrysler, Ford: The Big Three auto makers combined to report an April sales gain of about 3.5% despite a drop in car sales at General Motors Corp. Chrysler Corp. said the month was its best April ever, with overall sales up 10% from 1993. Ford Motor Co. vehicle sales were 5.8% higher than a year ago. But GM said its car sales fell 4.3% for the month while light truck sales grew 4.9% from a year earlier for a combined decrease of 0.9%.

Moody's Lowers Chrysler's Rating: Dealing another blow to Chrysler Corp., Moody's Investors Service Inc. lowered its ratings on $16 billion worth of Chrysler's debt. The credit rating agency said it downgraded the struggling No. 3 auto maker's senior debt two notches to B-2 from Ba-3. The move, which could raise the company's borrowing costs, affected all Chrysler units, including Chrysler Financial Corp.

Auto Makers Agree to Clean Up Toxic Dump: The Big Three auto makers and 13 other companies have agreed to pay $40 million to clean up a Michigan landfill. Ford Motor Co., General Motors Corp., Chrysler Corp. and the other companies agreed to pay to remove toxic waste dumped on the site, reimburse the federal government more than $5.5 million it has spent containing the contamination and reimburse the government for future costs.

1st-Quarter Profit Forecast for Ford: Ford Motor Co. is the only one of the Big Three U.S. auto makers likely to post a first-quarter profit, Wall Street analysts say. General Motors Corp. and Chrysler Corp. are expected to report losses in the January-March period--but smaller than last year's.

The Canadian and Ontario governments will provide local Canadian subsidiaries of the Detroit automakers with nearly $3.3 billion in emergency loans, Prime Minister Stephen Harper said. The announcement follows a pledge by President Bush to offer $17.4 billion in emergency loans to General Motors Corp. and Chrysler.