Fiat shares rose to their highest level in more than three years on Thursday after the latest car sales figures confirmed strong growth at the auto maker in February, according to Reuters.
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The news agency said shares in Fiat, which has restructured and launched new models, rose as high as EUR9.405 at one point on Thursday – the strongest level since December 2002.
Fiat shares have risen nearly 70% from EUR5.61 in May as it began showing signs of turning itself around, the report added.
European February new car registration figures released earlier in the day showed Fiat Auto rising 11.5% year-on-year on the back of a nearly 18% increase at its core Fiat brand.
A Milan analyst told Reuters he was reassured by Fiat’s growing market share, which rose to 8.8% from 8.1% for the same month a year earlier.
“Volkswagen and Fiat were the only significant market share winners in the month,” Morgan Stanley analyst Adam Jonas said in a research note quoted by the news agency.
The figures confirmed a trend spotted in the new car registration figures for Western Europe, which were published earlier this week, Reuters noted.
