MILAN: Fiat Chrysler Automobiles plunged to a first-quarter loss of US$1.8 billion and warned of a"significant" loss this quarter, even as it prepares to reopen its most profitable North American truck plants on May 18 as coronavirus lockdowns ease.
Manley said a planned 1.1 billion euro dividend was under review, as part of FCA's efforts. The company also scrapped its full-year earnings forecast. Capital expenditure was up in the quarter, driven by spending on the new Jeep Wagoneer and Grand Wagoneer, and redesigned Jeep Grand Cherokee models. But executives said full-year capex estimates would be trimmed by 1 billion euros as key programme launches had been delayed by an average three months.FCA said it made a net loss from continuing operations of 1.69 billion euros in the quarter. That compared with a 508 million euro net profit a year earlier.
FCA's Milan-listed shares extended their gains after the results were released and were up 2.2per cent at 1355 GMT.
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