Mixed Sales
Net revenues, meanwhile, dropped 3% annually to EUR 26.74 billion. Revenues were flat in the Americas, while EMEA registered a 12% decline due to lower volumes. In the Asia Pacific, sales grew in double digits.
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Worldwide combined shipments dropped 11% to about 1,157,000 units, with North America and the Asia Pacific registering declines of 12% and 34% respectively. Shipments dipped 10% in EMEA, while they were flat in Latin America.
Meanwhile, the market share for the company’s large pickups grew 7% in North America during the quarter, helped by the successful launch of the new Ram heavy-duty pickup and the steady demand for Classic Ram 1500.
Related: Fiat Chrysler Q4 2018 Earnings Conference Call Transcript
“We continue to deliver strong performance in North America and LATAM. Robust demand for our new products, along with steps we’ve taken to exert discipline across all of our businesses, have generated the momentum to achieve our full-year 2019 guidance,” said CEO Mike Manley.
Reorganization
While continuing the initiatives at cost management and to streamline product planning and inventories, the company also overhauled its leadership and structure of the joint venture in China during the quarter.
Fiat Chrysler shares gained sharply Wednesday early morning after closing the last trading session lower. The stock has lost 23% in the past twelve months and 9% since the beginning of 2019.