Fiat Loses 21 Million Euros in First Quarter says Marchionne

Automobile Staff

Despite Fiat Group's 21 million euro loss, the automaker is performing much better than last year, when it lost 411 million euros in the same period of time. With sales up in virtually all markets outside of Germany, Fiat Group appears to be on track to meet its business goals for the year.

Ferrari sales (part of Fiat Group, but not Fiat Auto) fell on a changing product mix, Marchionne said, while Maserati was up. Because all of western Europe has ended vehicle trade-in incentives, Fiat Group Auto will post a lower contribution to Fiat Group's recovery, expected as the global economy picks up in the second half of this year. Cost-cutting begun in late '08 partially offsets that lower auto unit contribution, Marchionne said.

He said that Fiat Group Auto is on pace to sell 1.930 million cars and trucks in calendar year '10.

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