30/01/13 17:29 CET
| updated xx mn ago
| updated at xx
Fiat’s latest results showed a reduction in losses in Europe in the fourth quarter, as it unveiled a greater emphasis on the recession-proof luxury market with a new Maserati model it hopes will poach customers from the likes of Audi, BMW, Mercedes and Jaguar.
Chief executive Sergio Marchionne said strong US sales – particular from Chrysler – more than compensated for weak performance in Europe.
He told reporters at the opening of a new Maserati plant: “We are determined to use all our Italian factories to produce vehicles destined for the global market. And the cars made here in Turin are most important for us in launching a new business expansion into the luxury segment.”
Taking control of Chrysler has been the saving of Fiat, which previously was reliant on Europe, where mass-market carmakers are failing to convince recession-hit consumers to buy new vehicles.
Without Chrysler, Fiat would have posted a just over one billion euro loss for last year.
Marchionne said he plans to acquire the rest of Chrysler as soon as he can afford it.
Fiat now owns 58.5 percent of Chrysler. The rest of is owned by a retirees’ healthcare trust affiliated with the United Auto Workers trade union.
- 1French fuel strike: frustration at the pumps and an investment warning
- 2Moody’s downgrades Deutsche Bank’s credit rating
- 3IMF urges France to speed up reforms to create jobs and cut debt
- 4Google Paris HQ raided by French investigators over tax payments
- 5Brexit vote: one month away the recession warnings keep coming
- 1Leaders sign off on pipeline to bring gas from Azerbaijan to Europe
- 2Australian government forced to think again on backpacker tax
- 3Eurostar sales fall after Paris and Brussels terror attacks
- 4Security concerns hit tourism industry, Thomas Cook shares slump
- 5How to receive EU funding for your SME’s dual-use project
Wires > Business
- 05:03 CET Japan Aso: Told G7 will raise sales tax next year as scheduled
- 04:10 CET Property loans, the glass chin of China banks
- 04:05 CET Fitch downgrades Credit Suisse on challenging capital markets
- 03:57 CET China’s Huawei files patent suits against Samsung Elec
- 03:16 CET Euro zone hails ‘breakthrough’ with Greece, IMF debt deal
- 02:04 CET HP Enterprise to merge IT services unit with Computer Sciences
- 01:24 CET China’s wary lenders force rust-belt country to take expensive…
- 01:23 CET Strong overseas demand boosts UK car production in April