European car chiefs 'reeling' from Ford warning

AP News
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Posted: Oct 02, 2014 10:09 AM
European car chiefs 'reeling' from Ford warning

PARIS (AP) — Fiat-Chrysler CEO Sergio Marchionne says fellow car bosses "are still reeling" from the profit warning that rival Ford announced on the eve of the biennial gathering in Paris.

Marchionne says that while he's "incredibly hopeful" that Russia's collapsing car market "will sort itself out," he doesn't expect a return to normal market conditions there until the end of 2015.

Ford's stock fell after it said this week it will fall short of its earnings targets this year because of trouble in South America and Russia.

Marchionne says Fiat-Chrysler is not counting on any improvement in Europe's weak recovery, although he says "the worst is behind us."

Fiat-Chrysler unveiled the new 500X, a small crossover vehicle that takes style cues from the Italian car maker's iconic Cinquecento city car.