Chrysler makes $473 million, best quarterly profit in 13 years

Chrysler auto company followed its strong first quarter with its best quarterly profit in 13 years, sending its 2009 brush with financial death farther into the past. Chrysler, based in Auburn Hills, Mich., made a net profit of $473 million, mainly on the back of strong U.S. sales. The auto company’s sales were up 39 percent from January to March, as customers purchased more Ram pickups, Jeep Grand Cherokee SUVs, and Chrysler 200 midsize sedans. This is a huge turn around for a company that was on its death bed three years ago. A government auto task force deadlocked on whether to save the company in 2009, with the tie broken by President Barack Obama, who decided to bet on the American worker.

Chrysler’s first-quarter profit was more than four times the $116 million the company made in the first quarter of 2011. It was Chrysler’s finest performance since the third quarter of 1998, when it made $682 million during the pickup truck and SUV boom. Three years ago, Chrysler needed $12.5 billion from American taxpayers to survive. The recession of 2008 devastated auto sales and brought the company to the edge of economic ruin. Chrysler has repaid $11.2 billion of the original bailout. The U.S. Department of Treasury says it won’t collect the remaining $1.3 billion. Chrysler remains a staple in The Motor City.