VW, Chrysler see profits jump while Fiat posts losses
New York, NY, United States (AHN) – The global auto market continues to recover with carmaker giants Volkswagen, Chrysler and Fiat all reporting higher profits during the first quarter of the year. VW and Chrysler also reported higher sales, while Fiat said its sales in Europe were no better than last year.
Volkswagen AG (VOW) led the pack on profits. It announced its net profit had nearly doubled to $4.2 billion compared to the same period last year.
Chrysler Group LLC, which is now controlled by Italy’s Fiat, reported its net profits were the best in 13 years at $473 million.
Italian carmaker Fiat SpA (F) credited those strong profits from the Chrysler division with helping to boost the net profits for the entire Fiat group 10-fold to $501 million, compared to a year earlier. Fiat owns a 58.5 percent stake in Chrysler.
VW credited sales in Russia for helping to boost its bottom line. Sales there increased by 77 percent to 66,000 vehicles.
Chrysler reported a 39 percent increase in first quarter sales and credited its growing market share in the U.S. for contributing to that growth. The automaker saw its U.S. market share rise to 11.5 percent from 9.4 percent for the same period last year.