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Fiat Chrysler Automobiles CEO says profit to rise in first quarter

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Fiat Chrysler Automobiles CEO says profit to rise in first quarter

Sergio Marchionne, the proud CEO of the finally reunited Fiat SpA and Chrysler Group LLC says the new company’s profit is set to rise thanks to increased demand for the cars of the US unit.

He predicts that Q1 earnings will go up, citing “strong” demand for this month as well in the United States – which supports the ailing businesses elsewhere – in Brazil he called the situation “choppy,” while in Europe loses are only set to become narrower – as new models are becoming available.

Last year the earnings before interest, taxes and one-time items totaled 618 million euros ($860 million) and this year they “should be higher,” Marchionne said. “My gut feeling is, we’re going in the right direction.”

“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 added. “You’ll finally get to see what I’ve had in mind in May.”

The CEO also said the new company –which should be named Fiat Chrysler Automobiles NV after shareholder approval – has the task of reaching in 2016 sales totaling 5 million units – which should be compared to the Volkswagen goal of 10 million vehicles for 2014.

Via Automotive News Europe

by Aurel Niculescu (my Google+) - Friday, March 14th, 2014 - filed under Chrysler, Fiat, Industry, News. Image credit: .
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