Note: We realize the above photo is showing a Russian GAZ-67B, not a Jeep. We still though it was appropriate and amusing however.

According to Automotive News Europe, Fiat/Chrysler are looking to expand in fast-growing emerging markets like Russia to offset slow growth in Europe. Fiat has signed a letter of intent with Russia’s Sberbank for a joint-venture that will produce and sell Jeep-branded cars in the country. Fiat would own 80% of the shares in this venture and may begin building a plant in St. Petersburg in the first quarter of 2012. They would invest over one billion dollars in this plant and plan to produce over 120,000 vehicles per year. A second plant may open in Moscow at a later date.

Source: Automotive News Europe / Reuters

Source: THE BLADE/ANDY MORRISON

So last week, Chrysler’s CEO Sergio Marchionne announced a $500 million investment in retooling the Toledo Assembly complex’s Liberty production line, a neighboring plant that runs 20 hours a day, 6 days a week.

However, Chrysler can barely keep the Wranglers in stock as worldwide demand increases beyond the capacity of the Toledo Plant. Capacity concerns could result in another upgrade to this facility or to build them in another Chrysler facility elsewhere.

United Auto Workers union agreed to work 4 days next month during their usual shutdown week between Christmas and New Years day, the first time in 28 years.

To get an idea of the demand, October’s production of Wranglers was 135,072 units, 11% from last year. In July, 14,335 units were sold, 28% more than last year. Elsewhere in the world, Chrysler have sold 36,164 Wranglers through October, up 15% from last year.

Source: ToledoBlade

So now that Chrysler is being run by Fiat SpA, things must be going well because they just posted a $212 million profit for the July-September period, thus pushing them back into the black in the latest quarter.

Vehicle sales worldwide rose 24% and revenue rose 19% to $13.1 billion. Fiat SpA attribute the improvement to the increased demand for its new/revamped Chrysler, Dodge, Jeep and Ram cars and trucks.

“This house continues to be fully focused on financial performance and making outstanding cars and trucks by fully leveraging its alliance with Fiat,” Sergio Marchionne, CEO of both companies, said in a statement.

Chrysler hasn’t made an annual profit since 2005, but it’s getting closer to profitability with a mix of strong new products. Under Marchionne, the company has changed factory procedures and is doing more rigorous quality testing, raising the reliability of its vehicles.

Speaking of which, Consumer Reports recently posted the results of their Reliability Survey which shows Jeep’s jump to 13th from 27th!