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May 5, 2020

Fiat Chrysler books EUR1.7bn Q1 net loss

Fiat Chrysler Automobiles (FCA) said first quarter 2020 results reflected impacts from the COVID-19 outbreak with a net loss of EUR1.7bn.

By Olly Wehring

Fiat Chrysler Automobiles (FCA) said first quarter 2020 results reflected impacts from the COVID-19 outbreak with a net loss of EUR1.7bn.

The automaker made a EUR619m net profit in Q1 2019.

Adjusted net loss was EUR0.5bn compared with EUR570m the previous year.

“Despite the significant impact of COVID-19, the group delivered a positive adjusted EBIT [of EUR52m compared with EUR1,067m in Q1 2019],” FCA said in a statement.

Q1 2020 revenue fell to EUR20,567m from EUR24,481m in Q1 2019.

Q1 2020 unit shipments worldwide were down 21% year on year to 818,000 due to temporary suspension of production in all regions and disrupted global demand, FCA said.

Available liquidity at 31 March, 2020 was EUR18.6bn, further strengthened by an additional EUR3.5bn facility signed in April.

FCA said it was “fully prepared to restart production as conditions allow, with actions taken to protect our employees and support our communities, while managing liquidity and financial strength of the group”.

On 18 March, 2020, FCA withdrew its full year 2020 forecast “due to the continued uncertainty of market conditions and regional operating restrictions related to the evolving COVID-19 pandemic” and said it would provide an update when it was possible “to have better visibility of the overall impact of the crisis”.

On the pending merger with PSA, it said: “Not withstanding these unexpected and unprecedented times, FCA and Groupe PSA remain committed to our 50/50 merger that will create a leading global mobility company.

“Together, we continue to push ahead on the various merger workstreams and we remain committed to completing the transaction by the end of this year or early 2021.”

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