DaimlerChrysler Said to Double Losses

Chrysler, the struggling U.S. unit of German auto maker DaimlerChrysler, is set to double its losses in the fourth quarter of this year, a German newspaper reported. The Frankfurter Allgemeine Zeitung, in an article released in advance of today’s edition and sourced to Frankfurt financial circles, said Chrysler would post a loss of $1.25 billion in the fourth quarter. Chrysler lost $512 million in the third quarter. The paper also said DaimlerChrysler chief Juergen Schrempp would send a letter to shareholders warning that the operating profit of the entire DaimlerChrysler group would be halved in its 2000 financial year. The letter would ask for their continued confidence. A spokesman for DaimlerChrysler declined to comment on the figures in the report. He did confirm that the company planned to send a letter to shareholders today, although he would give no details.