Chrysler said this week that its net income fell 65 percent in the first quarter to approximately $166 million as the company was negatively affected by preparations for new product introductions.
"We sold all the cars we could," said Chrysler Group LLC Chairman and CEO Sergio Marchionne according to Chrysler. "We just didn't build enough to replenish."
The company stated that its revenue dropped six percent over the first four months of 2013, down to 15.4 billion despite an eight percent increase in new vehicle sales according to a company press release.
Chrysler claims that they're still working on recovering from its bankruptcy in 2009.
Click here for more information on Chrysler's sales numbers last quarter.
"We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Marchionne.
Chrysler believes that with the introduction of new models they'll be able to post strong numbers throughtout the rest of 2013.
Fiat, which owns 58 percent of Chrysler, also reported a decline in profit due to low sales in Europe. The company stated that its net profit in the first quarter fell to 31 million euros, an 88 percent decline from the same time period last year.
"This quarter underscores the importance of an unwavering commitment to execute flawless vehicle introductions to reach our full potential," said Marchionne according to a company press release. "While the task ahead this year is daunting, we remain committed to our overall targets, including a minimum shipment increase of 8 percent and a Modified Operating Profit of $3.8 billion."
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