This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-22342768
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Chrysler profits fall hurts majority owner Fiat | |
(about 1 hour later) | |
Chrysler's first-quarter net profits fell 65% as the third largest US carmaker shipped fewer older cars in preparation for new product launches. | Chrysler's first-quarter net profits fell 65% as the third largest US carmaker shipped fewer older cars in preparation for new product launches. |
The company, 58%-owned by Fiat, earned $166m (£107m) in the January to March period, on revenues down 6% to $15.4bn. | The company, 58%-owned by Fiat, earned $166m (£107m) in the January to March period, on revenues down 6% to $15.4bn. |
Consequently, Fiat's net profits tumbled to $166m from $473m a year ago. | |
New Chrysler models include a replacement for the Jeep Liberty, which has ended production. | |
Chrysler's vehicle shipments fell 6% to 574,000 in the quarter, but Chrysler expects this to rise 13% over the next three months. | |
Chrysler said it still expected 2013 net revenues of $72bn-$75bn, boosted by a strong second half of the year. | Chrysler said it still expected 2013 net revenues of $72bn-$75bn, boosted by a strong second half of the year. |
"We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Sergio Marchionne, who is chief executive of Chrysler as well as Fiat. | "We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Sergio Marchionne, who is chief executive of Chrysler as well as Fiat. |
Earlier this month, he said that there was a 50% chance that the Fiat buyout of Chrysler would be completed by June 2014. | Earlier this month, he said that there was a 50% chance that the Fiat buyout of Chrysler would be completed by June 2014. |
If Fiat buys and then merges with Chrysler, it would create the world's seventh-largest automaker. | If Fiat buys and then merges with Chrysler, it would create the world's seventh-largest automaker. |
Previous version
1
Next version