Carmaker Fiat Chrysler Automobiles on Friday reported a 47 per cent drop in profits for the first quarter of the year due largely to changes in production, but expressed confidence that new models will help the company meet full-year profit targets. Net profits fell to 508 million euros ($763 million Cdn) from 951 million euros in the same quarter a year earlier, while net revenue sank five per cent to 24.5 billion euros ($36.8 billion). It sold 556,000 vehicles in North America, with fewer Chrysler and Dodge brand products sold as well a drop in Jeep sales. Fiat Chrysler maintained its guidance for full year earnings, saying it still expects adjusted earnings before interest and taxes above 6.7 billion euros ($10 billion). Luxury marquee Maserati saw sales drop by 41 per cent, with profits diving 75 per cent to 11 million euros ($16.5 million).

Source: CBC News May 03, 2019 15:33 UTC