Chrysler profits rev up Italian auto giant Fiat, full ownership approaches
AFPMILAN -- Italian auto giant Fiat on Wednesday reported a profitable 2012 largely due to increased sales for its U.S. partner Chrysler which Fiat said would come under its full ownership as soon as possible.
February 1, 2013, 1:01 am TWN
Fiat said its fourth quarter net profit rose to 388 million euros (US$525 million) from 265 million euros the year before and added that it was aiming for profits of between 1.2 and 1.5 billion euros this year.
Net profit for the full year was 1.411 billion euros — higher than the 1.3 billion euros expected by analysts but 14.5-percent lower than in 2011.
Chrysler's results underpinned the group's earnings and Fiat forecast a continued decline in the European car market, with the Italian market plunging by 20 percent to its level in 1979.