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Friday, 1 August 2014

With vote for Chrysler merger, Fiat looks abroad

FILE - In this Thursday, Jan. 2, 2014 file photo, rain falls on a Fiat logo pictured on a car in Milan, Italy. Italian carmaker Fiat SpA, which controls Chrysler, says its second-quarter profits dropped by more than a half due to lower performance in North and Latin America. Fiat said Wednesday, July 30, 2014, that net profit was 197 million euros ($263 million), compared with 435 million euros in the same period last year. North American volumes were up 10 percent, driven by incentives to dealers to sell legacy Chrysler vehicles, but the incentives also cut into profits. Earnings before interest and tax in the region dropped 18 percent to 598 million euros. In Latin America, revenues dropped 13 percent as vehicle shipments fell 21 percent. Fiat said revenues in the quarter rose to 23.3 billion euros, up 1 billion euros over the same quarter last year. Fiat is currently finalizing its merger with Chrysler. (AP Photo/Antonio Calanni, File) TURIN, Italy (AP) — Fiat shareholders voted Friday overwhelmingly in favor of a merger with Chrysler that has been five years in the works and will shift the 115-year-old carmaker's center of gravity abroad.








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