Fiat suffers from falling revenue
By Colleen Barry |
October 22, 2009, Thursday
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Print Edition
Print Edition
ITALIAN auto maker Fiat Group SpA yesterday posted its third straight quarterly loss due largely to falling sales of trucks and farm and construction equipment.
Fiat reported yesterday that it lost 168 million euros (US$251.5 million) in the third quarter - despite a 10 percent increase in auto sales due largely to cash-for-clunkers schemes that rewarded its small cars and fuel-efficient engines.
That compares with revised quarterly net profit in 2008 of 604 million euros.
Group net revenues were down 15 percent at 12 billion euros compared with 14.3 billion euros in the same period last year.
"The global economic slowdown continued to have a significant impact on demand for all group business," Turin-based Fiat said in a press statement. "However, the level of decline in some markets was more contained than for the first half, where performance was particularly negative."
Fiat took over a controlling share of Chrysler LLC in June, and CEO Sergio Marchionne is set to announce Chrysler's five-year business plan, including a new array of small cars using Fiat technology, on November 4.
Fiat reported yesterday that it lost 168 million euros (US$251.5 million) in the third quarter - despite a 10 percent increase in auto sales due largely to cash-for-clunkers schemes that rewarded its small cars and fuel-efficient engines.
That compares with revised quarterly net profit in 2008 of 604 million euros.
Group net revenues were down 15 percent at 12 billion euros compared with 14.3 billion euros in the same period last year.
"The global economic slowdown continued to have a significant impact on demand for all group business," Turin-based Fiat said in a press statement. "However, the level of decline in some markets was more contained than for the first half, where performance was particularly negative."
Fiat took over a controlling share of Chrysler LLC in June, and CEO Sergio Marchionne is set to announce Chrysler's five-year business plan, including a new array of small cars using Fiat technology, on November 4.
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