Chrysler Group reports $1.48 billion loss

The Chrysler Group today reported a $1.48 billion operating loss for the third quarter of 2006 -- down significantly from a $393 million operating profit reported during the same time period last year. Chrysler attributes the poor results to a decrease in overall sales and an "unfavorable shift in product and market mix."

Meanwhile, parent company DaimlerChrysler reported an overall operating profit of $1.13 billion, down 51 percent from Q3 2005's $2.32 billion. Overall profit was also down 37 percent to $686 million. The lowered profit was due entirely to the weak showing by the Chrysler Group, which was the only DaimlerChrysler division to report a loss.

The Merecdes group reported an operating profit of $1.26 billion -- up 127 percent from the $553 million earned last year during Q3. DaimlerChrysler truck group, financial services, and commercial vehicle division profits all increased.