FCA said it was unaware of any injuries or accidents related to air-conditioning lines problem in the Jeep Cherokees.
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“We still believe that the current share price overstates the fair value of the company”, said Commerzbank analyst Sascha Gommel, who has a “sell” rating on FCA.
The automaker’s loss compares to a profit of $208 million ($188 million euro) for the same period a year ago. FCA last reported a quarterly loss after the first three months of 2014 when the automaker recorded a charge for the purchase of 41.5 percent of the company shares previously owned by the UAW Retiree Medical Benefits Trust.
According to the report, the “entire vehicle was engulfed in flames approximately 20 feet high within seconds of parking the vehicle”.
A preliminary inquiry by NHTSA found that the reporting failures resulted from numerous problems with the company’s systems for gathering and reporting data, Rosekind said. Mr. Marchionne has also said Fiat Chrysler should make a large luxury S.U.V.to compete with the Range Rover from Jaguar Land Rover.
Worldwide shipments were flat at 1.1 million units, despite a 27 per cent increase in Jeep volumes.
ABC News adds that the Ram pickups to be recalled are mainly in North America. “We have a reasonable chance of getting at least part of the market”.
Alfa Romeo’s relaunch schedule, meanwhile, will be adjusted, Marchionne said, due to declining sales in China. The stock opened at $60 – up 14 percent – but closed at $55 as 22 million shares changed hands Wednesday.
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A second listing in Milan of Fiat Chrysler’s remaining 80 percent Ferrari stake, which will be distributed to Fiat Chrysler shareholders, is expected in early January, Marchionne said.
