MILAN (AP) — Weak sales in Europe and lower profits at U.S. partner Chrysler pushed Italian carmaker Fiat to a loss in the first quarter.
Fiat SpA on Monday said it lost 83 million euros ($108 million) during the first three months of the year, compared with a restated first-quarter profit of 35 million euros in the same period of 2012.
Profits at Chrysler LLC, which Fiat controls, dropped 65 percent in the first quarter. Shipments of its cars and trucks were down in preparation for new vehicle launches, such as the new Jeep Cherokee, which goes into production in the second quarter. Fiat's European branch narrowed its losses to 157 million euros, from 207 million euros a year earlier.
Overall revenues were down 2 percent to 19.75 billion euros, as strong sales in Latin America and Asia and demand for its premium brands helped compensate for declines in North America and Europe. Revenues were down 3 percent to 10 billion euros in North America and 4 percent to 4.4 billion euros in Europe, where the financial crisis has badly hurt consumer spending.