Chrysler success makes Mitt Romney's phony claims look foolish
Chrysler's profits skyrocketed by 80 percent in the third quarter from a year ago. Normally, I would point out, once again, how wrong those Dixie Dumbbells in Congress were when they scoffed at the bridge loans for Chrysler and General Motors.
But this time, I've got to shove it in Mitt Romney's face. Chrysler should have been forced to wait for private equity funding to come to the rescue in 2009? Chrysler is shifting all of its Jeep production to China? The Obama administration sold Chrysler to the Italians at Fiat?
Will anyone out there apologize for the nonsense they spewed in opposition to the auto bailout? Why is it that the only apology has come from a (conservative) British publication, The Economist?
In summary, Chrysler Group's profits soared to $381 million from $212 million a year ago. And those big profits demonstrated new efficiencies, meaning the automaker is earning bigger profits on what it sells, rather than on an explosion in revenue.
The company reported cash on hand of $11.9 billion at the end of the third quarter, up from $9.5 billion a year earlier.
"We've changed the conversation at Chrysler Group," said Sergio Marchionne, Chrysler Group CEO, also CEO of Fiat Auto, which owns a majority of Chrysler.
"We have revamped our product lineup with such segment-defining models as the Jeep Grand Cherokee and the Chrysler 300. Critics and consumers already are responding positively to the Dodge Dart and to the 2013 Ram 1500, with its best-in-class fuel economy," he said.
In addition, due to design tweaks, the increasingly bad-ass Dodge Charger is a big hit in the Midwest.
According to USA Today, Dart and Ram both are on the short list for the North American Car and Truck of the Year, selected by a jury of 50 auto journalists and announced at the Detroit auto show in January.
By the way: Given Romney's inability to get his facts straight on the auto rescue and the current state of Chrysler's growth, does he realize, when he touts his endorsement from former Chrysler CEO Lee Iacocca, that Iaccoca invented the concept of a government-financed bailout of an automaker?