Chrysler’s Quarterly Profit Up 80% image

On Monday, October 29th, Chrysler reports an increase of 80% in quarterly net income, due to strong sales of new vehicles.

Chrysler’s net income increased to $381 million from $212 million on the same period last year, while net revenue was up 18% to $15.48 billion. The automaker’s global sales were up 12% to 556,000 units during the third quarter.

“We’ve changed the conversation at Chrysler Group,” said Sergio Marchionne, chief executive of both Chrysler and Fiat.

Chrysler said it is on track of reaching its 2012 forecast of $1.5 billion net income and net revenue of $16.4 billion. The automaker expects the fourth-quarter net income to reach $210 million on revenue of $16.4 billion.

“The third-quarter financial results that we released today represent another pillar in the platform of accountability that we are building,” said Marchionne to Chrysler employees.

This year Chrysler managed to reach stronger sales compared with Fiat, thanks to the North American market. Still, Marchionne advised Chrysler’s management to stay focused as the automaker’s rivals show no sign vulnerability and the fight will continue to be tough. Chrysler’s CEO also said that the automaker’s two most important new products, the new Ram 1500 pickup truck and the compact Dodge Dart, are receiving positive reviews from auto critics.