Executive says Chrysler has ‘ample cash’

Chrysler LLC Vice Chairman Jim Press said the Auburn Hills, Mich., automaker was on track with a federal bailout strategy and talks with Fiat S.p.A.

Talks with the federal government concerning an additional loan of $3 billion and with the Italian automaker about a partnership allowing Chrysler to build Fiats in U.S plants have gone very well, Press told the Detroit Free Press.

The company, which received a $4 billion government loan in December, has ample cash, Press said.

The federal loan program includes a mandated report to the government in which the U.S. automaker must demonstrate progress toward long-term financial viability. The proposed deal with Fiat would give the Italian company 35 percent of Chrysler.

We feel good, as good as we can in these uncertain times, Press said.