Good news for Detroit: The Big Three automakers are all profitable once again. Chrysler has reported its first net profit since leaving bankruptcy nearly two years ago, with a net income of $116 million in the first quarter. The firm saw revenue jump 35% to $13.1 billion compared to Q1 of 2010, with worldwide vehicle sales hitting 394,000, an 18% rise. Chrysler has seen operating profits over the past few quarters, but it was still losing money overall due to the hefty interest payments (to the tune of $348 million in Q1) on its $7.5 billion in US and Canadian government loans, the Wall Street Journal reports.
Chrysler will soon pay off those loans with financing from several banks, it announced last week, a move that will lower its interest payments and distance itself from the governments. “Chrysler Group's improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the marketplace and resonating with customers,” said its CEO. The firm is forecasting a 2011 net income between $200 million and $500 million. (More Detroit stories.)
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