Chrysler's application to the U.S. Department of Energy for a loan to support the development of high-tech, fuel-efficient vehicles has been delayed for the past two years due to the company's bankruptcy and unreliable financial status. It seems, though, the tides are changing.

Last week, Chrysler reported its first profit since emerging from bankruptcy - $116 million to be exact. In addition, the company expects to refinance $7.5 billion in emergency loans it was granted by the U.S. Treasury and Canadian government by the end of June.

In seeing Chrysler has gotten their feet back under…

Chrysler's rising demand for new vehicles caused the auto maker to generate their first profit since 2006. Quarterly revenue rose to $13.1 billion, up from $9.7 billion thanks to an 18% jump in Chrysler vehicle sales to 394,000 units. Sales of the updated Chrysler 300 and Chrysler Sebring are expected to be higher as well.

"This is good progress, the house is in good shape," CEO Sergio Marchionne said in a conference call following the release. "Improved sales and financial performance in the first quarter show that our rejuvenated product lineup is gaining momentum in the…