Fiat cuts its European losses in the fourth quarter, CEO Sergio Marchionne says

Article by Christian Andrei, on January 31, 2013

Fiat has cut its European losses in the fourth quarter, CEO Sergio Marchionne said before the company releases its official results. He said however, that Fiat's 2013 results in Europe won't be considerably different from 2012. He also confirmed that Fiat has set a target to break even in Europe in 2015 or 2016. Previously, Fiat had predicted a loss of 700 million euros a full-year 2012 in Europe.

Fiat posted a loss of 500 million euros in 2011 in Europe. In the third quarter of 2012, Fiat posted an operating loss in Europe of 219 million euros for its mass market brands. The new-car demand in Europe decreased to its lowest in 17 years in 2012. This left a small hope for mass market companies as they attempt to reduce excess factory capacity and aggressive discounting that affect their margins.

Marchionne said that by decreasing Fiat's losses in Europe, it will be able to achieve full-year earnings in line with forecasts. Bloomberg surveyed four analysts who predicted that Fiat is estimated to post a group trading profit of 941 million euros. One year ago, Fiat posted 765 million euros in trading profit.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
WM Motor, a new China-based automaker, recently revealed its forthcoming lineup consisting of affordable electric vehicles. While there is a company is the U.S. that has the same name, they...
by - December 8, 2016
Even when Aston Martin has been mum about the upcoming AM-RB 001 hypercar, Marek Reichman at least has something new to say. In a recent interview with Australia’s Motoring, the...
by - December 8, 2016
The people at Mercedes-Benz are rejoicing. This is simply because for the first time since 1979, Mercedes-Benz has assembled 20,000 – and still counting – examples of the Mercedes-Benz G-Class....
by - December 8, 2016
When Donkervoort Automobielen BV unveiled its Donkervoort D8 GTO-RS limited edition in May 2016, customer interest has been so overwhelming that the Lelystad, Netherlands-based carmaker sold out this one-of-a-kind vehicle...
by - December 8, 2016
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