30 Apr 2015

Marchionne makes pitch for auto mergers

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<b>PUTTING HEADS TOGETHER: </b> Sharing costs will help everyone concerned, says Fiat Chrysler's boss. <em> Image: Shutterstock </em>

MILAN, Italy - Fiat Chrysler Automobiles CEO Sergio Marchionne says the auto industry faces grave risks if companies don't accelerate consolidation to share soaring product development costs.

Marchionne has been pitching consolidation lately; on Wednesday (Apl 29 2015) he made a case for industry mergers using a 25-page PowerPoint presentation during FCA's first-quarter earnings presentation.

The company posted a first-quarter net profit of the equivalent of R1.1-billion compared to a net loss of R2.3-billion in the same period of 2014.

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