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]

If you liked the article, share on:

Topics: fiat, ceo

Comments

Recommended

Renault Chairman and CEO Carlos Ghosn inaugurated the all-new Alpine A110 production line. This inauguration was attended by the Minister for Economy and Finance of France, Bruno Le Maire, with...
by - December 17, 2017
TOYOTA GAZOO Racing revealed that it will be participating in the 2018 Tokyo Auto Salon with the theme “Meister's Workshop.” The company will showcase models that have been part of...
by - December 16, 2017
Infiniti has commenced sales of the new 2018 Infiniti QX80 full-size luxury sports utility vehicle. Aside from the standard specs and optional features, potential customers would want to know how...
by - December 15, 2017
If there is one thing that Pagani Automobili and Fiat have in common, it is the fact that they are Italian companies that build and assemble vehicles. There is currently...
by - December 15, 2017
It’s Star Wars fever once again, and the second installation of the trilogy sequel -- “Star Wars: The Last Jedi” -- is finally hitting theaters. Avid fans of the franchise...
by - December 15, 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