Chrysler Group LLC says its third quarter operating profit of $239 million was driven primarily by new product and pricing.
The Auburn Hills-company reported Q3 financials today, noting an $11 billion or 5.2 per cent increase in net revenues from Q2.
Positive cash flow in the third quarter increased to $419 million, further strengthening its cash position to $8.3 billion as of Sept. 30, 2010.
Sergio Marchionne, Chrysler Group CEO said: “A year ago, Chrysler Group laid out clear and concise five year financial goals and after three consecutive quarters of better than forecasted results, we are not only living up to our commitments but we are also exceeding our 2010 financial objectives.”
Marchionne said the automaker’s financial success is dependent upon the strong design and marketing of its vehicles, noting that the company will deliver 16 new or refreshed models over the next 16 months.
“We are committed to ensuring that every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee. Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive auto maker,” Marchionne added.
Chrysler said its totals were partially offset by increased industrial costs associated with seasonal plant changeovers.