Chrysler 2012 profit jumps on higher sales

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Associated Press

Posted on January 30, 2013 at 6:00 AM

Updated Wednesday, Jan 30 at 6:01 AM

DETROIT (AP) — Chrysler says its profit jumped to $1.7 billion in 2012 as sales rose 18 percent.

Chrysler's profit was nine times higher than the $183 million recorded in 2011.

The results mark another step in Chrysler's remarkable turnaround. The company went bankrupt during the recession in 2009 and needed a $12.5 billion loan from taxpayers to survive.

The No. 3 U.S. automaker sold 2.2 million cars and trucks worldwide last year. In the U.S., its largest market, Chrysler saw strong sales of the Chrysler 200 and 300 sedans, the Jeep Grand Cherokee and the Ram pickup.

Revenue increased 20 percent to $65.8 billion.

Chrysler expects its net income to rise to around $2.2 billion this year, on revenue of between $72 billion and $75 billion.

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