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Automaker industry starts racing towards profits

After a hard hit the automaker industry seems to be turning around and making a profit, as reported by The New York Times in a February 1st, 2012 news article. The smallest Detroit automaker, Chrysler, reported their yearly profits to being around $180 million, the first positive earnings since 2005.

Chrysler has been on a financial roller-coaster the last few years. The company seems to have short turnarounds by introducing new products only to lose steam and take a financial dip.  However, the company has been making cost cuts and revamping their products’ lineup to help stabilize the company’s finances.

Part of Chrysler was taken over by Fiat in 2009 as a part of the bailout plan. Since that time the company has started to see a slow increase in their profits. In the last year the company increased their sales 31 percent worldwide.

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