Chrysler Reports First Yearly Profit Since 1997

VOA Breaking News
February 1, 2012 at 5:25 pm

Chrysler, the third largest U.S. car manufacturer, is reporting its first profitable year since 1997.

Chrysler says it netted $183 million in 2011 after losing $652 million the year before. The company says higher sales of its trademark Jeep model along with new products are responsible for its turnaround.

Chrysler chief Sergio Marchionne says all the elements are in place for a successful 2012.

Chrysler entered into bankruptcy in 2009 and received a U.S. government bailout. Italy’s Fiat is now Chrysler’s majority owner.