Pietro Gorlier, Fiat-Chrysler's chief operating officer for Europe, Middle East, Africa region, predicted a rebound for car sales in the second half of the year, though from a very low comparison period.
Fiat-Chrysler's car sales are on pace to be at least 50 percent lower over the first six months of the year compared with the same period in 2019. In March and April, the most serious period of the coronavirus outbreak in Italy, Fiat-Chrysler's Italian car sales dropped to almost zero, before picking up slightly this month.
Fiat-Chrysler is one of Italy's largest industrial concerns, but the expected pickup in sales over the coming months does not necessarily translate to more industrial output. Gorlier pointed out that the company still has around 450,000 vehicles in stock and ready for sale.
Gorlier's remarks come a day after Italy's Ministry of Economy and Finance approved 6.3-billion-euro (7.1-billion-U.S. dollar) line of credit for Fiat-Chrysler. The cash is needed for the company to follow through on its plans to merge with French rival Peugeot. Italian bank Intesa Sanpaolo approved the loan last month, but it was pending a guarantee from the Ministry in order to be completed.
The Fiat-Chrysler-Peugeot is on pace to be completed by the first quarter of 2021.
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