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Chrysler Chief Says Recovery Will Be Gradual

Chief executive of Chrysler says the automaker's recovery will be gradual but the company is making progress following its speedy government-led bankruptcy.

WASHINGTON (AP) -- The chief executive of Chrysler says the automaker's recovery will be gradual but the company is making progress following its speedy government-led bankruptcy.

CEO Sergio Marchionne (MAR-key-own-ee) said in a speech to a Washington think tank that his new leadership team is "not planning miracles at Chrysler" but is committed to creating "rapid change" at the Michigan automaker.

Marchionne's Fiat Group SpA owns 20 percent of Chrysler with an opportunity for more and was put in charge of rescuing the automaker by the U.S. government. Chrysler emerged from bankruptcy protection in June.

He told the Peterson Institute for International Economics that Chrysler broke even in September and is committed to a five-year plan to overhaul its vehicle lineup and double sales.

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