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Chrysler: First profitable quarter since exiting bankruptcy

By SYF77 on 20 May 2011

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Chrysler Group LLC reported its first quarter gains since exiting bankruptcy almost two years ago in June 2009. The Auburn Hills-based automaker, which is now operated by Fiat S.p.A., said net income amounted to US$116 million in the first quarter of 2011 compared to a net loss of $197 million in the same period last year. At the same time, the company’s revenues grew 35 percent from $9.7 billion in Q1 2010 to $13.1 billion in Q1 2011.

Worldwide sales of new cars and trucks were up 18 percent (60,000 vehicles) to 394,000 units in the first quarter, thanks to the greater availability of the 16 new or refreshed products launched throughout 2010. The Chrysler Group’s U.S. market share increased marginally to 9.2 percent in Q1 2011 as compared to 9.1 percent in the same period of 2010.In Canada, the company’s market share was 14.7 percent in Q1 2011 as compared to 13.7 percent in Q1 2010.

“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,” said Sergio Marchionne, Chief Executive Officer, Chrysler Group LLC. “These results are a testament to the hard work and dedication of our employees, suppliers and dealers, all of whom are helping Chrysler create a new corporate culture built on the quality of our products and processes, and simple, sound management principles,” added Marchionne.

Fiat S.p.A. also revealed plans to fully repay the Chrysler Group’s loans from the United States and Canadian governments during the second quarter of 2011.

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Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.

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