Fiat and Chrysler CEO sees no sign of lofty auto incentives in U.S.
Jan 29 (Reuters) - Competitive pressures in the U.S. automobile market are not likely to lead to margin-cutting consumer incentives in 2014, Sergio Marchionne, chief executive officer of both Fiat SpA and Chrysler Group LLC, said on Wednesday.
"As of yesterday, we have seen the market continuing to be relatively strong, and we have not seen uncontrolled competitive behavior," Marchionne said on the first investor conference call after both companies issued financial results.
There is concern among auto industry financial analysts that increased production and only gradual increases in new-vehicle sales will lead to lofty consumer incentives to cut car and truck prices to the level where they harm the companies' profits.
Marchionne said he saw no sign of a return to the high incentives that were prevalent, particularly by U.S. automakers, before the 2008 downturn in overall vehicle sales.
- Washington wins diplomatic support for campaign in Iraq; Syria trickier |
- Apple iPhone 6 pre-orders hit record 4 million on first day |
- Western sanctions are testing Russia's strength: Medvedev |
- Alibaba worried about Facebook IPO as considered Nasdaq versus NYSE |
- Exclusive: Two Apple medical trials shed light on how HealthKit will work