Chrysler net profit up 22% in Q3

CHICAGO -- US automaker Chrysler Group LLC posted a net profit of $464 million for the third quarter Wednesday, an increase of 22 percent year-on-year, local media reported.

The Michigan-based automaker credited it to an increased demand for its Ram pickup and Jeep Grand Cherokee and the fact that consumers were willing to pay more for those vehicles, Detroit News reported.

Chrysler said it was still on track to meet its full-year sales forecast of $72 billion to $75 billion, the report said.

A year ago, Chrysler posted a third-quarter net profit of $381 million on sales of 556,000 vehicles. It ended 2012 with a full-year profit of almost $1.7 billion and posted a $507 million profit for the second quarter of 2013.

"Chrysler saw strong sales growth in third quarter, keeping pace with growth in the broader industry," Alec Gutierrez, an automotive research analyst, was quoted as saying.

"Strength in the Jeep, Dodge and Ram brands were especially critical to Chrysler's sales increase since the Chrysler and Fiat brands each saw a slightly decline compared to sales in third quarter 2012," he said.

Italy's Fiat SpA, which owns the majority of Chrysler shares, has reported a worse-than-expected profit of 816 million euros ($1.1 billion) for the third quarter.