Fiat Chrysler recorded a loss of 299 million euros (about $445M) in the third quarter. The Italian-American car company attributes this to high costs for the recall of defective cars and other one-off setbacks. Apart from one-off items Fiat Chrysler did have money, 303 million euros, almost a third more than the year before.
The company benefited among other things from a strong demand for the latest model Jeep. Revenues fell by 27.5 billion euros, a sixth higher than in the same period last year. The company booked in the previous quarter to 761 million euros for expected future costs of recalls in the US.
Fiat Chrysler recently released the first part of the shares in subsidiary Ferrari to the New York Stock Exchange. The demerger of the iconic sports car manufacturer has to be completed early next year.
Fiat Chrysler intends to use the proceeds to repay debt and to invest in the patch up the brands Jeep, Alfa Romeo and Maserati.
See Also: Fiat Chrysler recalls 467000 SUVs worldwide
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