Fiat worldwide shipments for its mass market car brands totaled nearly 1m units in the third quarter of 2013, in line with the prior year, but with a significant increase in Asia Pacific markets (APAC) (+73%), a reversal in trend in Europe (EMEA), up 4%, and stable volumes in NAFTA.
Latin America (LATAM) was down 13% compared to a strong Q3 2012, which had benefited from the introduction of sales tax incentives in Brazil late in Q2 2012.
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Revenues of EUR20.7bn were up 1.4%. Luxury brands posted a strong year-over-year increase, with Maserati more than doubling over the prior year.
Trading profit was EUR816m, down from EUR901m in Q3 2012 mainly due to EUR80m in unfavorable currency translation impacts.
EMEA reduced losses by EUR73m to EUR165m, and APAC and Luxury Brands posted strong year-over-year increases of 32% and 47% respectively, while NAFTA was down 13%, impacted by higher industrial costs, including those associated with the delay in commencement of shipments of the new Jeep Cherokee to the fourth quarter, and negative currency translation differences.
LATAM decreased 52% on the back of lower volumes, compared with a peak in Q3 2012 which benefited from the recent introduction of higher sales tax incentives in Brazil, and a less favorable production mix.
Net profit was EUR189m, up from EUR171m for Q3 2012.
