The sale of Chrysler Group to Fiat has been completed, just as the American company reported today its net income of $1.8 billion after taxes in 2013, representing a 9-percent increase compared to 2012. Chrysler also sold 9 percent more vehicles in 2013 than in the previous year, totaling 2,401,000 units.
Chrysler closed out 2013 with a solid fourth quarter profit, earning $659 million after taxes, up 74 percent from 2012. It is Chrysler’s tenth consecutive quarter of positive net income. The impressive final quarter of 2013 is, according to Chrysler, due to strong sales gains from the Jeep Cherokee, Jeep Grand Cherokee, and Ram 1500 pickup series. This growth resulted in a slight gain in U.S. market share, reaching 11.4 percent for the year compared to 11.2 percent in 2012.
With the books closed on 2013, Chrysler moves forward into 2014 with a completed sale to Fiat. The Italian automaker marked the finalization of the purchase with a corporate reorganization reflecting the union of the two brands, establishing Fiat Chrysler Automobiles N.V., which will serve as the Netherlands-based parent company. The organization also revealed its new logo today, pictured below,
“Today is one of the most important days in my career at Fiat and Chrysler,” CEO Sergio Marchionne said in a statement. “Today we can say that we have succeeded in creating solid foundations for a global automaker with a mix of experience and know-how on a level with the best of our competitors.”
The completed sale brings the long saga between Fiat and Chrysler to a close, following months of negotiations and disagreements over the value of Chrysler’s shares owned by the United Auto Workers Voluntary Employee Beneficiary Association (VEBA) trust. Fiat first took a partial stake in Chrysler in 2009, when the American automaker was at the brink of bankruptcy.
Chrysler’s first big step forward in 2014 will be the introduction of the redesigned 2015 Chrysler 200, set to go on sale in the second quarter of this year.