Chrysler merger benefits Fiat

Chrysler merger benefits Fiat

rA booming US car market has seen Chrysler sales and profits become critical to its parent company Fiat Group, especially given the decline in the European market.

The Fiat Group released first quarter earnings, which showed a loss of 319 million Euro which it says is largely caused by takeover costs of the Fiat Chrysler Automobiles merger.

At an investor day Chief Executive Sergio Marchionne says the newly merged company will revitalise the Alfa-Romeo car line and it will seek to double Jeep sales in China.

Under the new Fiat Chrysler Automobiles umbrella, Marchionne is targetting rivals General Motors and Volkswagen for a greater market share in the USA and China as well as other global markets in the next five years.

The company wants to increase its product line and its market share in the US-Canada-Mexico market from 11.5% to 15%.

No longer will Jeep solely be a US built car, over the next five years it will begin building cars in Brazil, Italy, China, and India to meet the needs of these growing markets.

Currently the largest market for Jeep outside the continental USA is China and it is on of the fastest growing import brands says Fiat Chrysler.

At the newly rebranded Fiat Chrysler Automobiles head office in Detroit, Marchionne told his audience of suppliers, investors and motoring press, that the history of the automobile industry is littered with failed alliances but in the past five years, Fiat and Chrysler have learned to work together and to trust each other.

“This has led to a sharing of technical knowledge and market savvy, which is turning the company into a true global automaker,” he says.

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