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Mon May 12, 2014
Chrysler loses $690 million on one-time charges
Chrysler posted a loss of $690 million in the first quarter of 2014, largely due to one-time costs associated with a stock buyout.
Chrysler and its Italian partner Fiat purchased the 41.5% of the shares of Chrysler held by a union retiree health care trust.
The deal set the stage for the two to merge, forming a new company – Fiat Chrysler Automobiles.
From a purely sales perspective, Chrysler did well in the first quarter. Sales rose 10% from the same period last year, and the automaker's market share rose a full percent.
The sales increase was largely driven by the Jeep and RAM truck brands.
Fiat Chrysler CEO Sergio Marchionne says he wants to make Jeep an international star within the next five years.
He says Jeep is an iconic brand that should do well in markets like South America and China.