Business Notes Cars

How would you describe a loss of $82 million? Chrysler's Lee Iacocca calls it ) "an outstanding performance." And the tragedy of the U.S. auto industry is: he just may be right.

The third-quarter deficit announced by Chrysler last week joins even worse figures from its domestic competitors. Ford's losses from July through September hit $574.4 million, while during the same time GM's cash tank leaked $1.1 billion. All in all, the Big Three have seen losses since the beginning of the year of $5 billion -- equivalent to the GNP of Luxembourg.

Chrysler is aggressively scrambling for cash. A recent stock deal should raise $330 million. And last week the perpetual American underdog announced the sale of its half-interest in Diamond-Star Motors to Japanese joint-owner Mitsubishi Motors for $100 million. Chrysler may give up its 12% interest in the foreign firm, which would not only replenish its coffers but add a bit more credibility to Chairman Lee's Japan bashing as well.

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CREDIT: [TMFONT 1 d #666666 d {Source: Motor Vehicle Manufacturers Association}]CAPTION: Domestic-car sales, first three quarters of each year