Monday, July 30, 2012

Rolling in the Benjamins...

With the crash of the economy around 2009, the fall of the auto industry went with it. With the resurgence of the automakers in the United States Chrysler has been seemingly on fire. This quarter it will report a net income profit of $436 million. It has made headway with the innovative Jeep Grand Cherokee and will be cutting into new market vehicles with the all new Dodge Dart compact. The Aurburn Hills based company will be happy with its quarter profits compared with a previous year loss of $370 million. The second quarter 2011 profits reflected a one time payment to the government of $551 million. This payment was for the loans the government made to bail out the failing company and industry as a whole. The bailout helped stabilize thousands of jobs and saved even more on the trickle down. Chrysler's sales increased by 23 %.

Chrysler has forecasted its sales will soar to the $1.5 billion mark this year.

“Chrysler really has hit the ball out of the park here in the first half gaining additional market share in the U.S.,” Richard Hilgert, a Chicago-based analyst for Morningstar Equity Research, said in a telephone interview before the results were released. Chrysler’s car sales gains probably will continue in the second half because of the Dart, which will reach full inventory at dealers by September, he said.
This was quoted from an article in Bloomberg Business which can be found here!

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