DETROIT -- Chrysler Group said its first-quarter net income quadrupled on surging sales as the automaker set a profit target of $1.5 billion for the year.
Chrysler earned $473 million in the January-March period, up from $116 million a year earlier. Revenue rose 25 percent to $16.4 billion as U.S. vehicle sales increased 39 percent, the company said in a statement today.
"It's fair to say that Chrysler is firing on all cylinders," Chrysler-Fiat CEO Sergio Marchionne said. "It's been a great quarter, and I think that the indications for the remainder of the year are absolutely positive."