Rome

Fiat sells 1 million cars in third quarter, up 11% on year

Americas, Asia compensate for flagging Europe, Middle East

Fiat sells 1 million cars in third quarter, up 11% on year

Rome, October 30 - Fiat on Tuesday announced third-quarter sales of over one million vehicles, up 11% on the year, prompting the Italian automaker to stick to 2012 revenue targets despite a weakened European market. Sales were boosted, according to the Turin-based car maker, by positive trends in North America, Latin America and Asia Pacific. The trading profit in the third quarter amounted to 951 million euros - 100 million higher than the same period last year, despite a combined 238-million-euro loss in Europe, Africa and the Middle East. Fiat closed the third quarter with a net profit of 286 million euros, more than double compared to the same period of 2011. Fiat followed up the positive trends by confirming its targets set for 2012, which are to hit revenues of approximately 83 billion euros and a trading profit of more than 3.8 billion, while cutting net industrial debt lower than the third quarter, to about 6.5 billion euros. While the auto market shows signs of improving globally, car sales have been flagging in Europe over the past year. In September Fiat registered an 18.5% drop in European sales, largely due to the poor performance of the Italian market.

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