Chrysler will be announcing its Q2 figures on August 9, when its CEO Sergio Marchionne says the company will report its second-consecutive quarterly operating profit. Chrysler posted a profit of $143 million in the first-quarter.
Fiat SpA also reported profits today. Its Q2 net profit was $115.6 million, compared to a net loss of $215 million the year previous. This is in large part due to the success of the industrial and agricultural divisions of the company. Fiat also announced that the automotive components and industrial components will be divided into two separate companies.
A shareholder meeting will be held on Sept 16, where the split will be voted on. Shareholders will receive equal stakes in both companies, and debt will be split evenly across the entities.
– By: Stephen Calogera
Source: Detroit News