Fiat Chrysler Automobiles on Wednesday (27 July 2016) reported second quarter adjusted EBIT up 16% year on year to EUR1.6bn.

Group margin was 5.8% while adjusted net profit rose 91% to EUR0.7bn and net profit was up 25% to EUR0.3bn.

Worldwide vehicle shipments slipped 1% to 1.18m units due to a change to local Jeep production at a 160,000-unit capacity joint venture plant in China.

Worldwide combined shipments (including JVs) were 1.2m units, up 1% with a slump in Latin America region demand "more than" offsetting a rise in Europe, the Middle East and Africa.

Sales revenue fell 2% to EUR27.9bn. Adjusted EBIT in the EMEA region more than doubled and margins also improved for all regions and components.

EBIT for the quarter decreased 14% to EUR1,060m primarily due to charges for Takata airbag inflator recalls of EUR414m.

Market share in US increased to 12.7% and, in Europe, to 6.8%.

FCA said it remained market leader in Brazil with a 17.8% share.

Worldwide Jeep sales rose 16% with increases in all regions.

Half year vehicle shipments rose 1% to 2.26m for revenue flat at EUR54.4bn. Adjusted EBIT rose 43% to EUR3.01bn. Adjusted net profit soared 207% to EUR1.24bn.

FCA noted that Moody's Investors Service had raised its corporate credit rating to "Ba3" from "B1" and rating on bonds issued or guaranteed by FCA from B2" to "B1" with "Stable" outlook.