Chrysler quadruples profit in first quarter

The Chrysler Group is riding high on first-quarter profits this year that totaled $473 million. That's quadruple what it made last year during the same period. Revenue rose 25 percent to $16.4 billion, while U.S. vehicle sales increased 39 percent. Chrysler said its worldwide vehicle shipments were up 25 percent to 607,000 cars. The company's goal for the year is 2.4 million units. Worldwide sales increased 33 percent. Thursday's earnings statement follows Wednesday's news that Chrysler will let its operating agreement with Ally Financial expire in a year. Ally is the primary lender for Chrysler since the company came out of bankruptcy in 2009. CEO Sergio Marchionne said that Chrysler is negotiating with several banks for its financing needs.