Fiat reports losses in first quarter of 2009, first quarterly loss since 2005

Fiat SpA reported its first quarterly loss since the turnaround initiated by CEO Sergio Marchionne. The Italian automaker, which is just days away from taking a minority stake in Chrysler, said that auto sales plummeted due the global economic crisis.

The company reported a drop of 410 million euros ($531 million) in the first quarter of 2009 – its first quarterly loss since 2004.

Despite the difficult auto market conditions, Fiat said that it expects sales to improve throughout 2009. Not to mention Marchionne said that he “will fight like hell to keep Fiat profitable in 2009”.

Fiat shares have nearly doubled since the company announced a possible partnership with Chrysler back in March.

– By: Omar Rana

Source: Detroit News