Tagged: Chrysler

Chrysler continues to mend.

The company's revenues increased 23 percent in the second quarter of 2012.

The company said its net income rose from $181 million to $436 million.

Last year, Chrysler's profit took a hit because the company had to pay a $551 million dollar charge to pay off its government loans early.

The good Chrysler news is expected to be followed on Tuesday by much worse news from the company's majority owner, Fiat.

The Detroit Free Press' Brent Snavely reported today that Chrysler plans to close its Mack Avenue Engine II plant in Detroit this September. The company plans to replace the engine built there with a different one made in Chrysler plants in Trenton, Mich. and in Saltillo, Mexico, reports the Detroit News.

Robust U.S. auto sales have been helping to keep a floor on the U.S. economy for months, and they kept up the good work in June.

Car sales surpassed the expectations of many analysts.   

The good news included Detroit car companies.  Ford sales rose 7% and Chrysler sales jumped 20% compared to June a year ago.

General Motors sales increased nearly 16%.

GM's Kurt McNeil says he expects a good second half of the year, too.

Toyota reported a sales increase in May of 87% compared to the same month a year ago - when the company's vehicle production had plummeted due to the tsunami hitting Japan in March.  

There were more selling days this month than last May, but it is still a robust recovery from the disaster, which reduced inventories on Toyota dealer lots and sent some customers to other car companies.

Toyota remains number three in overall sales in the U.S., however, just behind Ford, which saw its sales increase 13% in May.