The coronavirus pandemic has decimated Fiat Chrysler and its competitors, forcing them to shut down production plants around the world.
Fiat Chrysler posted a net loss of 1.69 billion euros ($1.84 billion), or 1.08 euros a share, for the first quarter compared with a profit of 508 million euros, or 32 cents, in the year-earlier quarter. Revenue slid 16% to 20.57 billion euros.
The adjusted loss was 0.3 euro a share in the latest quarter, compared with analysts’ forecast of a 0.05 euro profit, according to The Wall Street Journal.
Fiat Chrysler said that it and French automaker PSA Group “remain committed” to their $50 billion merger of equals, which they announced last year. Fiat Chrysler expects the deal to close by early next year.
The company expects to resume production at the majority of its North American plants during the week of May 18. The company closed the plants in March and has had to revise several plans to reopen, as the pandemic has continued to rage.
The Big Three U.S. automakers have been conferring with the United Auto Workers union about how to reopen their plants safely.
Fiat Chrysler was able to resume some production in Italy last month.
Fiat Chrysler shares recently traded at $8.40, up 1.2%. They have slumped 36% over the past three months, compared a drop of 13% for the S&P 500.