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Marchionne Says FCA’s Profit Could Double by 2022
Fiat Chrysler Automobiles NV’s iconic Jeep brand could enable the company to double its profits in five years, CEO Sergio Marchionne tells Bloomberg News.
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Fiat Chrysler Automobiles NV’s iconic Jeep brand could enable the company to double its profits in five years, CEO Sergio Marchionne tells Bloomberg News.
Doing so would require Jeep to sell some 5 million units per year and capture as much as 20% of the global market for SUV/crossover vehicles.
Marchionne is confident of achieving that goal. He figures FCA’s annual profits also will be increased by about $1 billion through the just-enacted cuts in U.S. corporate taxes. FCA expects to report adjusted pretax earnings of at least €7 billion ($8.5 billion) for 2017.
FCA will unveil its new five-year strategy on June 1. Implementing it will be the job of a new CEO, since Marchionne, 65, is determined to retire early next year. He was hired into that job with no automotive experience in 2004.
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