Fiat sees European profits stalling
Wednesday 31 October 2012
Fiat, the Italian car maker, underlined the dire conditions facing motor manufacturers yesterday as it warned its European profits could be a third lower in 2013 and 2014 than it had hoped for.
Revising projections made in 2010 when European economies seemed ready to recover from the financial crisis, Fiat said it now expected to sell 4.6-4.8 million cars in 2014, not the 6 million it had been looking at.
The maker of the mass-selling Punto and Fiat 500 supermini, as well as marques including Chrysler, Alfa Romeo and Ferrari, said it expected to post a trading loss of €700m (£562m) in Europe this year and break even in the region only in 2015-16.
However, the company managed to post third-quarter trading profits above analysts' forecasts as a jump in sales at Chrysler, its American business, offset a growing loss in Europe. In Milan, the shares fell almost 5 per cent to €3.93.
- 1 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 3 Israel-Gaza conflict: The myth of Hamas’s human shields
- 5 Dutch paedophile club to fight their ban at the European Court of Human Rights
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...