Chrysler said Q3 2013 net profit rose 22% year on year to US$464m with year to date net income past the $1.1bn mark.
Sales rose 13.5% last quarter to $17.6bn after vehicle shipments increased. The tally was $50.9bn for the first nine months of 2013.
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Q3 operating profit rose 22% to $862m, or 4.9% of sales, as higher shipments and positive pricing were partially offset by higher costs and vehicle content enhancements, the automaker said. Nine month operating profit was $2.1bn.
Karl Brauer, senior analyst at Kelley Blue Book, said: “Chrysler’s US sales grew again in the third quarter and have now reached pre-recession levels. The highly profitable Ram division is driving much of this growth, with sales and transaction prices up. Jeep is another bright sport, with the Grand Cherokee and Wrangler both contributing to higher transaction prices and increased profit. The division’s momentum will continue when the all-new Cherokee hits dealerships in Q4.
“The company’s market share remains flat and additional growth is hindered by a lack of new product for the Chrysler and Dodge brands. A redesign of the Chrysler 200 and Dodge Avenger is long overdue and necessary before the automaker can tap into the high-volume, and highly competitive, midsize sedan market. Parent company Fiat continues to face challenges in Europe, impacting product development for these and other critical models.”
