30 Oct 2012

Chrysler profit almost double in Q3

8:56 am on 30 October 2012

Chrysler nearly doubled its profit in the third quarter due to an improving economy and fresh models.

Net income rose 80% to $US381 million as revenues rose 18% to $US15.5 billion in the period July -September.

Chrysler came out of from bankruptcy protection three years ago under the stewardship of Italy's Fiat.

AAP reports the bulk of the growth in the third quarter came from increased vehicle sales, which was offset somewhat by a shift from high-margin trucks and sport utility vehicles to passenger cars.

Global vehicle sales rose 12% to 556,000, as sales rose 13% in the United States where Chrysler has achieved 30 consecutive months of sales growth.

Sales outside of North America rose 27% in the quarter to 68,000, including 15,000 vehicles made by Chrysler Group and sold by Fiat.