Italian carmaker Fiat more than doubled its third quarter profits thanks to strong North American sales by its Chrysler unit and as good demand in Latin America and Asia more than compensated for a weak European market.
Fiat said third-quarter net profit for the quarter ended Sept. 30 was C286 million ($369 million), up from C112 million in the same period a year earlier. Revenues were up 16 per cent to C20.4 billion.
This is positive news for the Latin America Market this growth in auto sales shows the demand and growth this area of the world continues to show.
Last year, there were 3.5 million new car and light truck purchases in Brazil alone, representing an 86-percent increase over 2006.
While Brazil leads the charge in terms of new car sales numbers, Peru topped the heap in terms of per capita market growth, moving 106,000 new cars in 2010, or three times its 2006 total. Argentina and Columbia also experienced car-buying booms, with their markets growing by 25 percent and 50 percent respectively over 2006.
Written by: Sam A.