Fiat Chrysler Automobiles on Tuesday posted a first-quarter loss of $1.84 billion from continuing operations as the coronavirus pandemic tanked sales and shuttered its plants.
Net revenue declined 16 percent to $22.3 billion. The automaker reported adjusted earnings of $56.3 million before interest and taxes, down 95 percent from the first quarter of 2019.
North American earnings plunged 48 percent to $594 million as the virus stopped U.S. production in the last two weeks of the quarter. Net revenue in North America was down 9 percent to $15.7 billion, and shipments in the region were down 16 percent.
Worldwide combined shipments fell 21 percent to 818,000 “due to temporary suspension of production in all regions and disrupted global demand,” the company said.
“Throughout this unprecedented adversity, FCA’s first priority has been the health and safety of its employees and communities,” FCA CEO Mike Manley said in a statement. “The pandemic has had, and continues to have, a significant impact on our operations.”
The automaker said more than 90 percent of its dealers in North America are currently open for sales or able to sell online.