Chrysler 2004 Annual Report Download - page 59
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57
North America and contract slightly in Latin America and
Europe. The forecast for construction equipment calls for limited
growth in the Americas and stability in Europe. Unit sales of
commercial vehicles should be about the same as in 2004,
except for a modest increase in shipments of medium vehicles.
The expectation of a relatively flat demand pattern in the main
markets where the Group operates will produce a further
increase in competitive pressures.
Against this background, Fiat Auto will continue to pursue
a strategy designed to improve the quality and profitability of
its sales. The Company’s efforts will be aided by the introduction
of four new models in 2005: three of them were unveiled at
the Geneva International Motor Show, while the new Fiat Punto
will be presented next autumn.
The Group will continue to implement cost-cutting programs,
which, combined with improved sales results, should enable
the Automobile Sector to achieve its stated objective of ending
the year with a smaller operating loss with respect to the one
amounting to 4.1% of revenues recorded in 2004.
In 2005, CNH will seek to exploit the full potential of its recently
and completely renovated product line to strengthen its
position as a global enterprise. That should lead to an improved
performance and higher revenues and profits.
lveco also anticipates a further improvement in its operating
performance, which it will achieve by strengthening its presence
in the market for heavy vehicles. The Sector’s goals are a slight
increase in revenues in the face of flat market demand and
further expansion of its profit margins.
For the Fiat Group as a whole, 2005 will be another year
devoted to restoring the Company’s strength, with the
expectation of reporting a further improvement in operating
income and positive earnings after nonrecurring items.
Consequently, 2004 was the last year in which the Fiat Group
will report a net loss.
Significant Events Occurring since the End of the Fiscal Year and Business Outlook