Issuing another warning call for the region’s administrative officials, leading automobile business executives claimed that the government should immediately find some quick solutions against the increasing debt catastrophe uncertainties.
However, all these official statements were made at the occasion of car show organized at Frankfurt, the largest city in the German state of Hesse and the fifth-largest in Germany.
On Monday Chrysler, the smallest of Detroit’s automakers has recorded a loss of $199 million in the fourth quarter. However, Company has assured to return to the path of success in this financial year. It is coming up with some new products and anticipating a good result this year.
Chrysler has hold-up its American rivals like General Motors and Ford. This was done for rebuilding its operations and balance sheet after industry sales drooped badly in the year 2008 and 2009. The deficit in the same quarter a year ago was $2.7 billion.
Sergio Marchionne, CEO of both Chrysler and Fiat, made an announcement saying that Fiat will be digesting its non-automotive industrial business, as it gets the approval of the investors. Earlier, the shareholders approved on the plan of Fiat divesting the industrial and marine operations into Fiat Industrial.
Italian automaker, FIAT has decided to come back to the US market after three decades and is ready to face the competition that has developed because of the US as well as other foreign players.
FIAT has said that it will enter the market by using the distribution channel of Chrysler Group. But till now no response from these dealers has.
But looking at the current situation it seems rather possible that the dealers will be happy to take up the new job. But as per the plans of the company, the 500 mini cars that FIAT is going to hit the showrooms by 2011.
According to a recent report, Fiat SpA has witnessed an increase in the income of the second quarter. The rise in the sales was observed for trucks and agricultural equipments. The results have beaten the estimates given by Bloomberg.
On Wednesday, the Company disclosed that it has got a letter, the contents of which cannot be made public, from the creditors for its new facility. The facility is worth €4 billion.
The total income of Fiat in three months to June was €90 million. Last year, the Company had bought 20% share in Chrysler Group LLC.
Italian auto giant Fiat on Tuesday announced its plans to invest more than 8 billion euros in Italy and elsewhere in the coming two years as a part of an effort to capitalize on its alliance with Chrysler Group LLC.
Fiat said it wants to boost the production of cars by as much as 50 per cent in its home country.
The auto-maker said the increase in production would include the introduction of 17 new models along with 13 upgraded versions of existing models in 2010 and 2011.