Fiat includes Chrysler, Ferrari and Maserati brands Milan - Arabstoday Italian auto giant Fiat on Wednesday reported its net profit in the fourth quarter rose to 388 million euros ($525 million) from 265 million euros the year before and said it was aiming for profits of up to 1.5 billion euros this year. The results were upbeat despite continued decline in the European car market and were helped by a rise in sales in North America but Fiat said it would not be paying any dividends to shareholders. Market conditions in the Americas and Asia "continue to support the financial projections made for 2013 and while the European market continues to present significant levels of uncertainty, the Group confirms its guidance for 2013," it said. The company, which includes the Chrysler, Ferrari and Maserati brands, said it was also aiming for turnover of 88 to 92 billion euros this year. Fiat chairman John Elkann earlier on Wednesday said the company had been forced to make "difficult choices" to continue producing in Italy despite the collapse of the market and CEO Sergio Marchionne said he would not be shutting any Italian plants. "Despite market troubles, we have made difficult choices to continue producing in Italy," Elkann said at the opening of a new plant for luxury brand Maserati just outside Fiat's hometown of Turin. Marchionne, who also heads Chrysler, said: "I can confirm that we will not shut any plants in Italy." The company had warned last year that it could be forced to shut one of its five factories in Italy. But Marchionne cautioned about the outlook for sales in Europe, saying: "The European car market may not have hit bottom." The company's third-quarter profits were double what they were in the same period in 2011 but that was almost entirely due to results from Chrysler and luxury sales in booming markets like China. Source: AFP
GMT 14:23 2018 Friday ,14 December
China to suspend US car tariffs in sign of easing trade tensionGMT 16:42 2018 Thursday ,06 December
80,000 Hyundai workers protest plans for low-wage factory in S KoreaGMT 15:15 2018 Tuesday ,27 November
Mercedes, Ford and Kia models among nominees for 2019 Car of the YearGMT 21:19 2018 Sunday ,25 November
Mercedes-Benz recalls vehicles in China with faulty camera softwareGMT 16:22 2018 Sunday ,18 November
Dongfeng Honda recalls vehicles in China over faulty sunroofsGMT 14:51 2018 Thursday ,15 November
Volkswagen expects challenging Chinese car market in 2019GMT 13:23 2018 Wednesday ,31 October
The incredible shrinking car, New foldable runabout created in IsraelGMT 11:26 2018 Wednesday ,17 October
EU car sales slump in September as a result of new emissions rulesMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor