Ford’s $2.1 billion in net income for the first quarter of 2010 is great news for the domestic automotive industry. Ford and GM are really starting to get it when it comes to new product that people enthusiastically embrace – Chrysler has some catching up to do.

Here’s the official release from Ford:

DETROIT – Ford Motor Company [NYSE: F] today reported first quarter 2010 net income of $2.1 billion, or 50 cents per share, a $3.5 billion improvement from first quarter 2009, as strong selling new products, improvements in its global Automotive operations, and higher profits at Ford Credit boosted results.

Excluding special items, Ford reported pre-tax operating profit of $2 billion, or 46 cents per share, an improvement of $4 billion from a year ago. It marked Ford’s highest quarterly pre-tax operating profit in six years.

Ford North America posted first quarter pre-tax operating profit of more than $1.2 billion, a $1.9 billion improvement from first quarter 2009, as a result of higher volume and mix and favorable net pricing. Ford operations in South America, Europe and Asia Pacific Africa as well as Ford Credit also posted pre-tax operating profits in the first quarter and improved results over the same period in 2009.

“The Ford team around the world achieved another very solid quarter, and we are delivering profitable growth,” said Ford President and CEO Alan Mulally. “Our plan is working, and the basic engine that drives our business results – products, market share, revenue and cost structure – is performing stronger each quarter, even as the economy and vehicle demand remain relatively soft.”

At the end of March, Ford entered into a definitive agreement to sell Volvo and related assets to Zhejiang Geely Holding Group for $1.8 billion, subject to customary purchase price adjustments. The sale is expected to close in the third quarter of 2010. As a result of the agreement to sell Volvo, all of Volvo’s 2010 results are being reported as special items and excluded from Ford’s operating results; 2009 data include Volvo.

Ford’s first quarter revenue was $28.1 billion, up $3.7 billion from the same period a year ago. If Volvo had been excluded from 2009, automotive revenue would have increased by $7 billion, or more than 30 percent.

Here are the highlights:

• Ford reports first quarter net income of $2.1 billion, or 50 cents per share, a $3.5 billion improvement from first quarter 2009. Pre-tax operating profit of $2 billion, or 46 cents per share, a $4 billion improvement from first quarter 2009
• Ford Automotive operations posted first quarter pre-tax operating profit of $1.2 billion, a $3.2 billion improvement from first quarter 2009
• Ford North America reported first quarter pre-tax operating profit of more than $1.2 billion, a $1.9 billion improvement from first quarter 2009; Ford Europe earned a pre-tax operating profit of $107 million, a $692 million improvement from a year ago
• Revenue for the quarter totaled $28.1 billion, a $3.7 billion improvement from first quarter 2009
• Strong response to new vehicles drove the largest quarterly U.S. market share gain since 1977
• Ended the quarter with $25.3 billion of Automotive gross cash, with operating-related cash outflow of $100 million. Ford ended the quarter with $34.3 billion in Automotive debt
• Ford Motor Credit Company reported first quarter pre-tax operating profit of $828 million, an $864 million improvement from first quarter 2009
• Based on Ford’s improving performance, the gradually strengthening economy, and its present assumptions, Ford now expects to deliver solid profits this year with positive Automotive operating-related cash flow