Partner Chrysler helps move profit of Fiat up a gear in Q1 to US$500 million


AFP

MILAN — Italian auto giant Fiat said Thursday its net profit in the first quarter soared tenfold to 379 million euros (US$500 million) thanks to its U.S. partner Chrysler, without which it would be in the red. The group had banked 37 million euros in profit in the first quarter last year — before snapping up a majority stake in the U.S. automaker in a move which has more than offset poor Fiat results in a sluggish European market.