Fiat CEO Sergio Matchionne Predicts Better First Quarter Than Last year image

Fiat-Chrysler chief executive officer Sergio Marchionne says that he expects the first quarter to see better results compared with the same period last year.

Marchionne relies on the fact that this month Chrysler saw a significant increase in demand in the US, its home market. The CEO also expects losses in Europe to narrow this year, and why not, even make some extra investments in new models.

Back in January, Fiat managed to take full control of Chrysler and merge into a competitive automaker able to challenge global automakers such as Volkswagen Ag. and General Motors in worldwide auto sales. The Italian automaker’s earnings during the first quarter of 2013 ended at 618 million euro, but Marchionne expects this year’s result to be higher.

“My gut feeling is, we’re going in the right direction,” said Sergio Marchionne.


Marchionne expects the newly created automaker, Fiat Chrysler Automobiles NV, to sell around 5 million vehicles by 2016, while Europe’s biggest automaker, Volkswagen, plans to reach a sales target of 10 million vehicles by the end of this year.


Sergio Marchionne is expected to release a business plan until May 6, and offer details regarding the future  models and financing of the newly created car maker.


“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.”