CHICAGO, Feb. 6 (Xinhua) -- Fiat Chrysler Automobiles (FCA) on Thursday reported net income of 2.7 billion euros (about 3 billion U.S. dollars) in 2019, declining 19 percent year on year.
The Italian American automaker underlined strong sales of its Ram pickup trucks and Jeep SUVs last year. Still, its worldwide shipments were pegged at 4.418 million units, down 9 percent, primarily due to dealer stock reduction in North America and lower China joint venture shipments.
FCA said that favorable model mix and positive net price pushed up its margin in North America to 9.1 percent, a record high.
According to its 2019 financial results report, FCA sales in the Asia and Pacific region were 149,000 units, down 29 percent, primarily due to lower China joint venture volumes.
FCA has less than 1 percent share in the Chinese market, while its American peer General Motors is the second largest foreign automaker there.
FCA and its Chinese partner GAC (Guangzhou Automobile Group) in 2019 reformed the organizational structure of their joint ventures. They merged GAC Fiat Chrysler Automobiles Company and GAC Fiat Chrysler Automobiles Sales Company into one.
FCA has hoped that the streamlined management "will accelerate the integration of industrial and commercial operations, more rapidly respond to changes in the Chinese market environment and enable delivery of even more competitive products and services to its customers."
Mike Manley, CEO of FCA, said in 2019 that with such a deeper integration of the business between FCA and GAC, and the next steps in improving competitiveness in China, they will be able to "better react to the demands of the Chinese market."
Last month, FCA confirmed that it's in talks with major electronics manufacturer Foxconn, formally known as Hon Hai Precision Industry Co Ltd., to set up a joint venture in China.
The proposed joint venture is to develop and build electric vehicles and to engage in the IoV (Internet of Vehicles) business, FCA said in a statement.
The Italian American automaker underlined strong sales of its Ram pickup trucks and Jeep SUVs last year. Still, its worldwide shipments were pegged at 4.418 million units, down 9 percent, primarily due to dealer stock reduction in North America and lower China joint venture shipments.
FCA said that favorable model mix and positive net price pushed up its margin in North America to 9.1 percent, a record high.
According to its 2019 financial results report, FCA sales in the Asia and Pacific region were 149,000 units, down 29 percent, primarily due to lower China joint venture volumes.
FCA has less than 1 percent share in the Chinese market, while its American peer General Motors is the second largest foreign automaker there.
FCA and its Chinese partner GAC (Guangzhou Automobile Group) in 2019 reformed the organizational structure of their joint ventures. They merged GAC Fiat Chrysler Automobiles Company and GAC Fiat Chrysler Automobiles Sales Company into one.
FCA has hoped that the streamlined management "will accelerate the integration of industrial and commercial operations, more rapidly respond to changes in the Chinese market environment and enable delivery of even more competitive products and services to its customers."
Mike Manley, CEO of FCA, said in 2019 that with such a deeper integration of the business between FCA and GAC, and the next steps in improving competitiveness in China, they will be able to "better react to the demands of the Chinese market."
Last month, FCA confirmed that it's in talks with major electronics manufacturer Foxconn, formally known as Hon Hai Precision Industry Co Ltd., to set up a joint venture in China.
The proposed joint venture is to develop and build electric vehicles and to engage in the IoV (Internet of Vehicles) business, FCA said in a statement.
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