Wednesday, February 21

Car Manufacturer Fiat Chrysler is Losing Billions

Car manufacturer Fiat Chrysler suffered a billion-dollar loss in the first three months of this year.

 

Both in Europe and North America, its two main markets, the company suffered from lockdowns that forced factories to close. Sales of new cars also declined.

The number of cars delivered fell in North America, where the factories closed later, less rapidly than in Europe.

The closure of factories in Italy, where the coronavirus was one of the first countries in Europe to lockdown, had major consequences. The company hopes to restart those factories this quarter.

Fiat Chrysler sales, which also include brands such as Jeep, Dodge, Alfa Romeo and Maserati, fell by 16 percent to EUR 20.6 billion.

Below the line was a loss of 1.7 billion euros, with a profit of 508 million euros last year.

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