Fiat earnings fall short, but Chrysler 2013 profit rose to $1.8 billion
Chrysler reported today that it earned $1.8 billion in 2013, up slightly from $1.7 billion in 2012.
The results were hurt by higher than expected costs related to the launch of new products, especially the 2014 Jeep Cherokee.
Chrysler earned a profit of $659 million during the fourth quarter, up from $378 million for the same period in 2012.
'The 2013 year-end financial results reflect the commitment Chrysler Group has made to rapidly refresh our product lineup with vehicles that achieve exacting performance standards,' Chrysler and Fiat CEO Sergio Marchionne said in a statement.
Chrysler said its 2013 revenue exceeded $72 billion, up 10% from the prior year. Fourth-quarter revenue was $21 billion, up 24% from a year earlier.
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