The Chrysler Group has posted its first net profit since coming out of bankruptcy in June 2009. The company realised US$116 million (R767 million) in the first quarter of 2011 from revenues of US$13.1 billion (R86.6 billion). Sales were up 18% on the back of cars like the new Chrysler 300 and Jeep Grand Cherokee.
“Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace,” said Fiat-Chrysler CEO Sergio Marchionne.
Chrysler seems to be on a roll as last month it announced its intention to repay US and Canadian government loans it was given two years ago. At the same time parent company Fiat Spa said it will increase its stake in Chrysler from 30% to 46% within the next few weeks.