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Chrysler reports $464M net income for Q3

Chrysler has just announced earnings of $464 million in net income for this third quarter, a 22-percent year-over-year increase. Net income for the first three quarters of 2013 is at $1.1 billion. Net revenue climbed significantly as well, to $17.6 billion, a 13.5-percent increase on Q3 of 2012.
Those increases were thanks in no small part to an eight-percent rise in sales from the same period last year, with 603,000 vehicles sold worldwide. "Chrysler Group's ninth consecutive quarter of positive net income highlights our commitment to producing award-winning vehicles for consumers, such as the Jeep Grand Cherokee and the Ram 1500," said Sergio Marchionne, Chairman and CEO of Chrysler Group.
Despite the increased sales, Chrysler's US market share dropped slightly, from 11.3 percent in Q3 2012 to 11.2. Canadian market share remained level at 14.3 percent. Have a look below for the entire press release from Chrysler.

Junkyard Gem: 1979 Chrysler Cordoba

The original Cordoba personal luxury coupe, which debuted for the 1975 model year, was a big hit for Chrysler. Through the 1979 model year, it was based on the successful Chrysler B-Body platform, making it a sibling to the Dukes of Hazzard Charger and Governor Moonbeam's Plymouth Satellite sedan. I see a surprising number of Cordobas showing up in the self-service wrecking yards I frequent in California and Colorado, and this two-tone '79 showed up in a San Francisco Bay Area yard a while back. You could get the 1979 Cordoba with typical 1970s fuzzy-velour seats, but this one has the iconic Corinthian Leather of Ricardo Montalban fame. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Yes, soft Corinthian Leather! This one has just about every possible option, if we are to go by the information in the brochure. The vinyl landau roof and two-tone paint were for serious buyers only. This V8 is either a 318 or a 360, and we won't discuss the depressing power figures that you get with engines of the late 1970s. Worth restoring? Not in this kind of condition. Source of parts for other, more valuable B-bodies? Yes. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Junked 1979 Chrysler Cordoba View 17 Photos Auto News Chrysler

UAW urging Chrysler to sell shares to investors

The United Auto Workers union is pushing Chrysler to sell 16.6 percent of its stock to investors in an attempt to establish the value of the shares. The UAW is currently locked in a lawsuit with Chrysler parent company Fiat over how much the Italian automaker should pay to buy shares from the trust fund. Last year, Fiat told the trust it intended to exercise its right to purchase 3.3 percent of the union's shares at issue. But the union contended the 54,154 shares were worth closer to $381 million instead of the $155 million Fiat offered.
Currently, the UAW owns 41.5 percent of Chrysler while Fiat holds 58.5 percent of the company. Currently, it's unclear whether the UAW could force Chrysler to put the shares on the open market. Doing so would be the first step toward a much-anticipated initial public offering. Chrysler has said it will comply with its shareholders agreement, and Fiat has echoed that tune. According to The Detroit Free Press, the UAW Retiree Medical Benefits Trust has declined to comment on the situation.