FCA: swings to loss as shipment volumes drop

(CercleFinance.com) - Fiat Chrysler Automobiles swung to a loss in the second quarter as vehicle shipment volumes slid.


The Italo-American carmaker reported a net loss of over 1 billion euros for the latest quarter, compared with a profit of 928 million euros a year ago.

FCA's consolidated shipments - which include shipments by the group's consolidated subsidiaries - were down 65% in the second quarter, at 392,000 units, due to pandemic-related production stoppages and shaky demand.

Shipments in North America fell 62%, while deliveries in Europe dropped by 65%, the auto giant said.

The shares were trading 2% higher on the Milan Stock Exchange today.

Regarding its merger with France's PSA, FCA said it expects to meet the target of combining the two companies as a single entity by the end of March 2021.

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