Chrysler now a rising star among automakers
DETROIT (AP) - In just three years, Chrysler has gone from government ward to rising star.
The No. 3 United States (US) automaker made US$1.7 billion (S$2.1 billion) last year, thanks to big gains for its much-improved cars and trucks, and it's expecting profits to reach US$2.2 billion this year.
It's a big improvement over 2011, when Chrysler earned US$138 million. And it's even more remarkable considering that Chrysler was in bankruptcy and living on taxpayer loans just three years ago.
The improving US economy is one reason for Chrysler's success. Auto sales in the US - where Chrysler sells three out of every four of its vehicles - rose to a five-year high of 14.5 million last year. They could climb to 15.5 million or more this year, most industry analysts say.