Chrysler reported fourth-quarter net income up 68% to $378 million from $225 million in 2011.
Chrysler announced that for 2012 net income reached $1.67 billion, an increase from $183 million in 2011 and that it expects a rise of about $2.2 billion this year. The automaker’s net revenue for 2012 was $65.78 billion, compared with $54.98 billion in 2011 and said that it expects 2013 to end with a revenue between $72 billion and $75 billion.
“Chrysler concluded a very successful 2012 with a robust fourth quarter performance,” said Jesse Toprak, senior analyst at TrueCar.com. “The company was the only domestic automaker to gain market share last year.”
Two factors contributed to Chrysler’s increase: higher vehicles sales in North America, its home market, and the fact that the automaker has no exposure to the European market and implicitly the financial crisis. Chrysler’s all-new 2013 Dodge Ram pickup brought the company unexpectedly high sales and also won the North American Truck of the Year award at the Detroit auto show this month. The automaker also made great progress when it comes to its vehicles’ quality.
“That’s really helped their warranty costs and helped quality overall,” she says. “They’re doing a really good job of making their vehicles comparable from a quality standpoint.”