Stock market news today: Dow sinks sharply after Trump threatens China with tariffs over coronavirus
Fiat Chrysler reported sharply lower sales and a 471 million euro ($510 million) loss. But it said it plans to move ahead with its merger of PSA Group, the European automaker that makes Peugeot cars.
Production at its auto plants in Italy and China were down for much of the first quarter, and for the last part of March at its North American plants. But production has restarted in China and at one of its Italian plants, and it said it is “fully prepared to restart production as conditions allow.”
It did not give any guidance on second quarter results or even where sales stood in April in its earnings statement. In the first quarter revenue fell 3.9 billion euros, or $4.2 billion, a drop of 16%. Shipments to dealers worldwide declined by 21%.
Shares of Fiat Chrysler were narrowly higher in European trading on the report.