Andrea Formica News
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Fiat SpA, the Italian carmaker which controls Chrysler Group LLC, may shift planned production of Jeep and Alfa Romeo brand sport-utility vehicles from its oldest plant in Turin to North America and build a small city car at the factory instead, a person familiar with the matter said.
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Fiat SpA’s head of sales, Andrea Formica, resigned after less than a year at the Italian carmaker after the company lost deliveries to competitors and remained unprofitable in Europe, its biggest market.
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Volkswagen AG and Bayerische Motoren Werke AG led Europe’s strongest car-sales recovery in 14 months in May, as new models attracted buyers in Germany and France.
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European industrial orders rose in April, as increasing demand in Germany helped counter a slump in France and Italy, suggesting the euro region’s economic expansion maintained some momentum into the second quarter.
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PSA Peugeot Citroen , Renault SA and Fiat SpA , the automakers relying the most on European sales, are being pushed by market leader Volkswagen AG into a price war that threatens their pledges to increase profits.
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The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses.
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Fiat SpA , the Italian carmaker which runs Chrysler Group LLC, will invest 3 billion reais ($1.77 billion) to build a car factory in Brazil as it seeks to boost sales in the company’s second-biggest market.
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Italy’s benchmark FTSE MIB Index increased for the first day in four, rising 235.58, or 1.2 percent, to 20,753 at the 5:30 close in Milan.
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