Fiat, Chrysler post lower earnings
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Fiat, Chrysler post lower earnings

Fiat, Chrysler post lower earnings

Fiat, the Italian automaker that controls Chrysler Group, has reported a 23% decline in first-quarter profits on costs for new Jeep model rollouts, Bloomberg has reported. Earnings before interest, taxes and one- time items, declined to €618m ($809m) from €806m a year earlier, said Fiat. Net income recorded by the US automaker fell 27% to €593m ahead of the introduction of new Jeep Compass and Cherokee sport-utility vehicles. Fiat plans to combine the two brands to forge an automotive group to challenge General Motors Co and Volkswagen by purchasing the Chrysler stake owned by the United Auto Workers' retiree health-care fund (VEBA).

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