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.
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 3Italy swamped by flash floods | euronews, world news
- 4Back to School for Romania’s new First Lady | euronews, world news
- 5What will you ask US Senator John McCain? | euronews, world news
- 6Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 7India PM Modi appoints Yoga minister | euronews, world news
- 8Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 9[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 10European e-revolution people rise up | euronews, world news
- 11International tv news | euronews: European and International tv news bulletin
- 12Where is the best place in Europe for women? | euronews, world news
- 13Obama’s ‘risky’ immigration gamble | euronews, world news
- 14Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 15Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 16Transcript of hanged Iranian woman’s final message released | euronews, world news
- 17US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 18Syria: Islamic extremists pledge to press ahead with battle for Kobani | euronews, world news
- 19Edgars Rinkevics: “I am gay. Good luck all of you.” | euronews, world news
- 20International news | euronews, latest international news
Wires > Business
- 20:31 CET Italian bank Intesa eyes UK’s Coutts International – FT
- 20:29 CET Lufthansa says it has gained market share in Germany
- 20:14 CET Intesa Sanpaolo mulling bid for Coutts – FT report
- 20:08 CET Intel could rise 30 percent over next two years – Barron’s
- 20:05 CET Aviva, Friends Life 5.6 billion pound merger plan makes sense -…
- 20:05 CET Telecom firms call for change to BT’s business broadband ‘monopoly’
- 19:46 CET UPDATE 1-Telecom firms call for change to BT’s business broadband…
- 18:39 CET Syria’s government spending to increase by 12 percent in 2015 -…