Fiat SpA, which now manages and runs Chrysler Group LLC, reported a $28 million loss in the first quarter of 2010 and warned that the year will be a tough one for the auto business in a continued tough economic climate and the end of Europe’s cash for clunker incentive program this year.
Fiat said that the loss is an improvement on its $549 million loss reported during the same period in 2009. First-quarter revenues of $17.3 billion were up 14.7 percent.
Fiat’s automobile division outperformed the company as a whole and generated revenues of $9.1 billion, up 22 percent.
Fiat SpA Sergio Marchionne is in Italy today where he is joined by management as they present their 2010-2014 business and product plan. Stay tuned for more info on that.
– By: Omar Rana
Source: Detroit News