Fiat losses widen on Chrysler deal

AP News
Posted: May 06, 2014 5:00 PM

MILAN (AP) — Italian carmaker Fiat SpA saw first-quarter losses widen to 334 million euros ($465 million), due largely to one-off costs associated with the Italian carmaker's purchase of the rest of Chrysler.

The loss posted Tuesday by the automaker, based in the northern Italian city of Turin, compares with first-quarter loss of 83 million euros last year.

Revenues rose 12 percent to 22 billion euros, thanks to North America and Asia sales and boosted by luxury brands Ferrari and Maserati.

Profits in North America narrowed 4 percent to 380 million euros, with higher depreciation, recall costs and other factors eating into the increased volumes. Earnings for Chrysler will be released at a future date.

Fiat's European operations lost 110 million euros while Latin American suffered on currency devaluation.