Chrysler swings to Q1 loss
Chrysler Group has reported a $690m in the first quarter of this year, due to charges related to its merger with Italian automaker Fiat, the Associated Press has reported. Without the one-time charges related to the merger, the company’s net income more than doubled to $486m. In January, Fiat paid $3.65bn to a union-run health care trust to acquire Chrysler’s remaining shares. As part of the deal, Chrysler agreed to pay $700m to upgrade its factories, and as a result took a $672m charge in the quarter to meet those commitments. It also booked a $540m non-cash loss on extinguishment of debt related to the merger.