CEO is open to striking a deal as European operations struggle with high labour costs
A Fiat Chrysler Automobiles sign at the headquarters in Auburn Hills, Michigan, the US. Picture: REUTERS/REBECCA COOK
Manley told analysts on a conference call on Friday he is open to striking a deal with peers as European operations struggle with high labour costs at production sites in Italy and spending on electrification surges. Fiat will spend $2bn over the next three years on regulatory emissions credits to ensure it is compliant as it rolls out a slew of new plug-in hybrid and battery electric vehicles, whose appeal to consumers is still uncertain.
“The results are slightly below my expectations but they’re not a significant surprise,” Marco Opipari, an analyst with Fidentiis in Milan, said. “The market is more focused on guidance at this point.” Fiat’s business in Asia lost money for the fourth consecutive quarter as vehicle shipments fell 30% in China. The company announced a restructuring of Fiat’s Chinese joint venture with Guangzhou Automobile Group last week, consolidating sales operations and appointing new leadership to “more rapidly respond” to changes in the local market.
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