Chrysler has posted its first quarterly net profit since declaring bankruptcy almost two years ago, Reuters reports.
The Fiat-controlled brand's first quarter net income came to $116 million, with a total increase in revenue of around 35 percent to $13.1 billion.
The company's success can be traced partially to several redesigned vehicles, including the Jeep Grand Cherokee. Additionally, the overall vehicle price rose to $28,300 in the first quart, from $27,300 a year ago.
Chrysler has been posting operational profits, but the cost of high interest on loans the company owes from its 2009 bailout have damaged its ability to post a net profit.
Sergio Marchionne, the chief executive of Chrysler and Fiat, said "Success is incredibly temporary. The first quarter is done. We've got a lot of quarters to do."
Sales of Dodge and Jeep-brand cars made up a combined 67 percent of Chrysler's first quarter sales, with the Dodge Ram, Jeep Grand Cherokee and Chrysler 200 models nabbing the top seller spots. Sales of Chrysler-brand cars fell 14 percent.
With gas prices still rising, the company said that it will be aiming for a 25 percent improvement in fuel economy by 2014 and would be shifting its focus towards four-cylinder engines and away from six and eight-cylinder models.
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