Fiat profit soars 56 per cent on Grande Punto success
Fiat has posted profit growth of 56 per cent for the second quarter driven by the success of its new Grande Punto hatchback.The Italian automotive giant, based in Turin, said that net income for the second quarter grew from €180 million to €280 million on sales of €13.6 billion.
Fiat's share of the western European market meanwhile increased to 7.9 per cent in the first half from 6.6 per cent last year, mostly as a result of strong sales of the new Grande Punto.
Eric-Alain Michelis, an analyst at Societe Generale, said: "The Grande Punto is clearly leading the dance."
Indeed, the margin on the Grande Punto is approximately €1,000 higher on the Grande Punto than on the earlier version, Gabriele Gambarova, an analyst at Rasbank in Milan said.
And with orders for 313,000 Grande Punto's received since its introduction and a sales target of 360,000 units for the year, the Grande Punto has delivered a major profits boost for the Italian manufacturer.
Meanwhile, Fiat has signed deals with a number of manufacturers in Russia and China. The automotive manufacturer has agreed a deal with Severstal-Avto of Russia to build 75,000 Ducato vans a year for export.
It has also finalised a deal with SAIC Motor and Chongqing Heavy Vehicle Group to build trucks in China.
Furthermore, Fiat has signed a €1 billion deal with Credit Agricole to expand a car financing venture in Italy.
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