TURIN, Italy, March 31 (Reuters) – Fiat Chrysler Automobiles
(FCA) has told shareholders to expect plenty of good
news as the completion of a full merger with U.S. unit Chrysler
opens greater global opportunities for the world’s
Shares in Fiat SpA – the original Italian company which is
merging with its U.S. partner – rose some 2 percent to their
highest in more than six years.
MILAN (Reuters) – Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz), the world’s fifth-largest tiremaker, has cut its sales target for this year, citing worse-than-expected currency effects, after delivering 2013 results in line with its own previously-lowered forecasts.
The Italian company, whose tires equip motorcycles, cars and Formula 1 racers, said it expects to report sales of 6.2 billion euros ($8.52 billion) this year, up nearly 1 percent on 2013 but down from a previous target of 6.6 billion euros. The adjustment was largely expected.
MILAN, March 26 (Reuters) – The Ukraine crisis and the
possibility of a recession in Russia creates uncertainty for
Pirelli’s plans to use a tie-up with oil group Rosneft
to expand in the country, seen as a big growth market for the
Italian tyre company’s products.
Rosneft agreed a deal earlier this month to become
Pirelli’s single biggest shareholder, thus offering Pirelli the
chance to exploit the Russian company’s big gas station network
to sell tyres.
MILAN, March 20 (Reuters) – Italian motorcycle and scooter
maker Piaggio forecast 70 percent growth in core
earnings up to 2017, helped by Europe’s gradual economic
recovery and plans to expand in Asia.
The maker of the iconic Vespa scooter and Aprilia motorbikes
said it expects earnings before interest, tax, depreciation and
amortisation (EBITDA) to rise to around 250 million euros ($345
million) by 2017 from 146.8 million euros last year.
MILAN, March 18 (Reuters) – European car sales rose 7.6
percent in February, as a gradual economic recovery in Portugal,
Spain and Italy boosted demand for mass-market brands, industry
data showed on Tuesday.
New passenger-car registrations in the European Union and
European Free Trade Association trading bloc rose for the sixth
straight month to 894,730 vehicles in February from 831,371 in
February a year ago, according to data from the Association of
European Carmakers (ACEA).
MILAN, March 17 (Reuters) – Rosneft has struck a
deal with a group of Italian shareholders that will give it
control over a 13 percent stake in Italy’s Pirelli,
making it the single biggest shareholder in the tyremaker.
The deal is the latest in a string of acquisitions of
Italian companies by foreign players that are snapping up assets
as the country shows first signs of emerging from its longest
recession in 70 years.
MILAN, March 6 (Reuters) – Italian brakes maker Brembo
expects sales to increase by 8-10 percent this year,
boosted by strong growth across its markets, a senior executive
said on Thursday, building on a strong 2013 that sent its shares
to a record high.
Even in Italy, among European countries most hit by a
six-year slump in auto sales that only now show modest signs of
recovery, Brembo’s sales grew by 2 percent last year, primarily
because of its focus on the premium market.
GENEVA (Reuters) – The Jeep Renegade, which debuted at the Geneva auto show on Tuesday, will be the first true test of the recent marriage between Italian carmaker Fiat and its U.S. unit Chrysler, meant to allow both to share technology, cash and dealer networks.
Fiat Chrysler Automobiles’ (FIA.MI: Quote, Profile, Research, Stock Buzz) new small Jeep should help the carmaker reach an ambitious sales target of 1 million vehicles for the brand this year and will test the world’s seventh-largest auto group’s ability to compete globally.
GENEVA, March 4 (Reuters) – Fiat Chrysler Automobiles (FCA)
expects a new plant in Brazil to boost its
profitability in that market by 2017 after a cut to subsidies
and currency effects hit profits there last year, Chief
Executive Sergio Marchionne said on Tuesday.
FCA, created after Fiat took full control of Chrysler in
January in a $4.35 billion deal to create the world’s
seventh-largest auto group, cut its 2014 profit forecast after
an 80-percent slump in Latin American core earnings in the final
quarter of 2013.
GENEVA, March 3 (Reuters) – Italy’s Ferrari has mounted a
turbocharged engine on its latest supercar for the first time in
more than two decades, as even luxury automakers are forced to
seek ways to cut emissions without sacrificing performance.
The California T, which will debut at the Geneva auto show
this week, will be equipped with an eight-cylinder engine that
Ferrari says will consume 15 percent less fuel than its
naturally-aspirated predecessor, reducing carbon dioxide
emissions to 250 grams per kilometre (g/km) from 299.