Italian automaker reports 70% profit loss after seeking $3 billion U.S. auto deal

January 22, 2009
4:46 pm

Justice Seeker

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Italian automaker reports 70% profit loss after seeking $3 billion U.S. auto deal

West Palm Beach business litigation lawyer and government legal news by JusticeNewsFlash.com

Fiat reports 70% drop in fourth quarter profits citing poor sales. Fiat’s staggering loss 2 days post Chrysler $3 billion U.S. fund request.

West Palm Beach, FL (JusticeNewsFlash.com)–Fiat, the largest Italian automaker, reported a 69.8% loss in their fourth quarter today. As reported by the Associated Press (AP), the release of Fiat’s losses sent their stock shares plummeting. This news lands two days after U.S. Auto giant, Chrysler, requested an additional $3 billion in emergency funding from the American taxpayers to seal their deal with Fiat.

Apparently the provisions of the Chrysler/Fiat deal, reported by JusticeNewsFlash.com and Reuters, states U.S. taxpayers will give an additional $3 billion to Chrysler, Fiat will receive a 35% stake in Chrysler, and Chrysler will receive Fiat’s technology and sales model in the international market. The Italian automaker, who is now blaming their profit losses on low sales in their key markets of western Europe and south America, may be getting the best deal in the Chrysler/Fiat alliance.

There have been recent leaks in the media alleging Fiat has been considering a capital increase, to fund a merger with PSA Peugeout-Citroen, a large automaker in France. The Chrysler/Fiat deal awaits federal regulatory approval. Officials for both Chrysler and Fiat are speculating if the U.S. government’s emergency bailout money is awarded, along with government regulatory approval, Fiat may gain full control of Chrysler in the future. Is the mysterious “capital increase” being considered by Fiat the $3 billion in U.S. government bailout money?

West Palm Beach business litigation lawyer and government legal news by JusticeNewsFlash.com