Fiat Chrysler posts loss of 1.24 bln USD in Q2

Fiat Chrysler Automobiles (FCA) reported a net loss of 1.24 billion dollars in the second quarter of this year, according to the quarterly report released by the Italian American automaker on Friday.

Revenue of the Detroit-based automaker dropped 56 percent year on year to 13.9 billion dollars in the second quarter; and U.S. sales of Fiat Chrysler fell 39 percent year-over-year, with Ram trucks dropping 35 percent and the Jeep brand falling 27 percent.

In the second quarter, adjusted pre-tax losses of the automaker were 1.1 billion dollars, down 161 percent; diluted losses per share were 0.78 dollars, down 232 percent.

Fiat Chrysler also reported adjusted pre-tax losses of 698 million dollars in Europe, 70 million dollars in Asia and 114 million dollars in Latin America in the second quarter. The Maserati luxury brand lost 117 million dollars.

FCA’s loss in the first half of 2020 was 3.08 billion dollars.

Nevertheless, cost controls in North America yielded the automaker 46 million dollars in pre-tax earnings in the second quarter amid the novel coronavirus pandemic

Investors are paying attention to the potential of FCA’s pending merger with French automaker Groupe PSA, the Detroit News reported on Friday.