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Marchionne Says FCA Could Be Cash Positive by June
Fiat Chrysler Automobiles NV may end up with more cash than debt by mid-year, says CEO Sergio Marchionne.
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Fiat Chrysler Automobiles NV may end up with more cash than debt by mid-year, says CEO Sergio Marchionne.
The company has been upside down since Chrysler emerged from bankruptcy protection in mid-2009 and was gradually acquired by Fiat SpA, thereby creating FCA in 2014.
Marchionne has said the company is likely to generate $9 billion in operating profits in 2018. “Finishing the year with cash on the balance sheet instead of debt is a big, big step for us,” he tells reporters at the Detroit auto show.
Separately, Marchionne indicates that President Donald Trump’s push to repatriate jobs to the U.S. wasn’t the reason FCA has decided to relocate production of its heavy-duty Ram pickup trucks from Mexico to the U.S. He describes the move is an act of paying back workers and suppliers who “allowed us to survive in 2009.”
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