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Chrysler posts another profit, but not as high as hoped

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A Chrysler logo is seen on the wheel of a new car at a dealership in Vienna, Virginia April 26, 2012. REUTERS/Kevin Lamarque
A Chrysler logo is seen on the wheel of a new car at a dealership in Vienna, Virginia April 26, 2012. REUTERS/Kevin Lamarque

DETROIT, MI (WTVB) - The first three months of the year saw Chrysler earn a net profit of $166-million. The figure was down dramatically compared to the same period last year however officials say that was due to lower vehicle shipments related to the launch of the new Jeep Grand Cherokee and RAM Heavy Duty pickup.  

Chrysler CEO Sergio Marchionne says the automaker is on track to an operating profit of 3.8-billion dollars this year.  Last year, the automaker made a profit of 1.7-billion dollars.

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