Fiat Chrysler pins hopes on new models after weak first quarter
MILAN/DETROIT - Fiat Chrysler Automobiles NV said on Friday that new U.S. pickup truck models would help the automaker achieve its 2019 profit targets and offset a weak performance in the first quarter.
Nearly all - 98 percent - of the Italo-American automaker’s first-quarter profit was powered by its Ram pickup truck. FCA’s U.S. sales were down 3.1 percent in the quarter, but Ram sales were up more than 20 percent and outsold rival General Motor Co’s Chevrolet Silverado. Analysts and investors have worried about FCA’s over-reliance on the U.S. market, given its loss-making operations in both Asia and Europe.
The automaker posted a higher profit for the quarter and Manley said he expected the region’s strong performance to continue. He said FCA’s making European region, which lost money in the quarter, would return to a profit with margins of around 3 percent by the end of 2019.
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