Fiat CEO expects higher trading profit in 1st quarter 2014

Article by Christian A., on March 14, 2014

Fiat chief executive Sergio Marchionne expects the Italian carmaker to post higher earnings in the first quarter of 2014 amid “strong” demand this month for Chrysler in the United States. Marchionne remarked while its operations in the US are doing well, the Brazilian market is “choppy.” He also expects Fiat’s European operations to post lower losses this year even with further spending in new models.

Fiat took full control of Chrysler in January 2014 as part of Marchionne’s strategy to combine them into a global carmaker large enough to take on the likes of General Motors Co. and Volkswagen AG. In 2013, Fiat posted EUR618 million ($860 million) in earnings before interest, taxes and one-time items, also known as trading profit. “My gut feeling is, we’re going in the right direction,” Marchionne said.

He is expecting the combined company, which will eventually be named Fiat Chrysler Automobiles NV once approved by, may sell 5 million vehicles in 2016. Marchionne is set to unveil a business plan on May 6 that details new models and financing once the Fiat-Chrysler merger is completed later this year. “It’s been a very hard job to get all the pieces of the mosaic together and have a global view in the end,” Marchionne said. “You’ll finally get to see what I’ve had in mind in May.” [source: Bloomberg]

Topics: fiat, ceo

If you liked the article, share on:

Comments

Recommended

Skoda recently launched the new Karoq compact SUV as a replacement model to its now-defunct Yeti small crossover. Slotted below the newly introduced Skoda Kodiaq, the new Karoq features a...
by - May 23, 2017
There are already rumors suggesting that the next generation BMW 5-Series GT is expected to be joining the 6-Series range. The latest reports instead tell us that that 3-Series GT...
by - May 23, 2017
In 2004, the British marque Rolls-Royce officially entered South Korea with the opening of their showroom located in Seoul before opening their second showroom last September in Busan. Now RR...
by - May 23, 2017
In a game-changing move, Ford has revealed that it will soon produce its first ever all-electric CUV that will be built to be electric from the ground up, and it...
by - May 23, 2017
The wait for the Mustang’s GT-based Super Snake concept to be released is finally over. Shelby had recently collaborated with Ford Performance and Borla to come up with something that...
by - May 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries