When the Fiat Group stepped in to acquire the Chrysler Group LLC back in 2009 after the Detroit carmaker emerged from a government backed Chapter 11 reorganization, the Italians were supposed to be the ones doing the saving.
Enter the present day and it’s the American arm of the group taking over this role as the alliance earned a profit of $440 million or €358 million in the second quarter thanks to Chrysler and not Fiat.
Without the contribution of the Detroit automaker, the Fiat-Chrysler Alliance would have lost $301 million or €246 million.
The Italian automaker said on Monday that Chrysler earned €604 million or $740 million while Fiat, hurt by declining sales in the EU, posted a loss of $301 million or €246 million – both figures under the European accounting standards.
On Monday, Chrysler LLC reported a profit of $436 million or €356 million in the second quarter under the U.S. accounting standards, an $806 million improvement from the $370 million net loss in the same quarter last year, which had included a $551 million charge related to repayment of its government loans.
“Our results reflect a tireless pursuit by the people of Chrysler Group to deliver the very best quality and value across our brands,” said Sergio Marchionne, Chrysler Group LLC Chairman and CEP.
“Together, we are always striving to achieve more, to learn from the past and build upon our successes. Nowhere is our dedication more evident than in the all-new Dodge Dart, with up to 41 mpg highway and levels of customization not typically found in the compact car segment,” he added.
