Fiat Chrysler suffered a loss of 1 billion euros

Fiat Chrysler suffered a loss of 1 billion euros

August 2, 2020 0 By autotimesnews

In the second quarter of 2020, the Italian-American automobile concern Fiat Chrysler Automobiles received a net loss of 1.048 billion euros.

This is stated in a press release from the company.

The concern also reduced revenue by 56% due to lockdowns announced due to the pandemic and a decrease in demand.

The automaker’s quarterly revenue fell to 11.7 billion euros from 26.7 billion euros a year earlier.

Adjusted loss before interest and tax was € 928 million in the last quarter, up from € 1.527 billion in the second quarter of 2019.

The indicator was negative in all regions except North America, which posted a profit of 39 million euros, compared with 1.565 billion a year earlier.

The company noted that demand in the US had exceeded expectations, and the concern increased its share of the US retail market last quarter.

FCA’s global sales fell 63% last quarter to 424,000 vehicles.

The concern noted that all of its factories in North America, Latin America and the Asia-Pacific region have returned to pre-coronavirus intensity of work.

Production in Europe is recovering at a slower pace and should reach pre-pandemic levels by the end of September.