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
- 6Watch: Passengers ‘push-start’ frozen plane in Siberia | euronews, world news
- 7Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 8India PM Modi appoints Yoga minister | euronews, world news
- 9European e-revolution people rise up | euronews, world news
- 10Vladimir Putin most powerful man in the world – Forbes | euronews, world news
- 11[Live] Rosetta’s Philae lands on comet 67P and enters the history books | euronews, world news
- 12International tv news | euronews: European and International tv news bulletin
- 13Where is the best place in Europe for women? | euronews, world news
- 14Irony as organised crime prosecutor arrested for corruption in Romania | euronews, world news
- 15Obama’s ‘risky’ immigration gamble | euronews, world news
- 16Nadia Comaneci: gymnast of perfection and defector | euronews, the global conversation
- 17Putin plans to leave G20 talks early amid Ukraine pressure | euronews, world news
- 18International breaking news | euronews online world breaking news in video
- 19Transcript of hanged Iranian woman’s final message released | euronews, world news
- 20euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
Wires > Business
- 00:33 CET German pilots union says fresh strikes imminent at Lufthansa
- 23:32 CET German pilots union says fresh strikes imminent at Lufthansa
- 22:20 CET Exclusive – Einhorn: raising new money as performance lags
- 22:05 CET Banks to arrange $1.5 billion loan for Egypt to repay foreign…
- 21:11 CET Banks to arrange $1.5 billion loan for Egypt to repay foreign…
- 20:51 CET Vodafone examining UK options, including a move for Liberty -…
- 20:48 CET OPEC decision knocks oil down, dollar gains
- 20:32 CET OPEC decision knocks oil down, dollar gains