Chrysler Posts First Profit Since Bankruptcy

Chrysler Posts First Profit Since Bankruptcy

Proving that you might actually be able to stop a train wreck that’s already in progress, under the stewardship of Fiat CEO Sergio Marchionne, Chrysler has posted a profit. Blaming high interest rates on its government loans for not climbing into the black earlier, Marchionne today reported a net income of $116 million, compared to a net loss of $197 million in Q1 last year.

“Chrysler Group’s improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace,” he said in a statement.

The news of a possible real turnaround for the most damaged of the U.S. automakers comes as Marchionne plans to full takeover (51%) of the company. To do so Fiat has to achieve several goals as laid out by the U.S. government, with the final one being building a 40-mpg car in America.