Fiat los[poes 83 million euros in 1Q as European sales plummet and Chrysler profits tumble

MILAN – Italian carmaker Fiat SpA reported a first-quarter loss of 83 million euros ($108 million) as European sales and profits at is U.S. partner Chrysler tumbled.

The loss posted Monday by the automaker, based in the northern Italian city of Turin, compares with a restated first-quarter profit of 35 million euros last year.

Revenues were down 2 per cent to 19.75 billion euros, as performance in Latin America, Asia and its premium brands helped to compensate for declines in North America and Europe. Revenues were down 3 per cent to 10 billion euros in North America and 4 per cent to 4.4 billion euros in Europe.

Chrysler first-quarter profits dropped 65 per cent as shipments of cars and trucks were down in preparation for new vehicle launches. Fiat’s European operations lost 157 million euros.