Fiat Chrysler Automobiles (FCA) is taking a series of measures to improve its performance in China amid market weakness and increased competition, the Italian-American automaker said on Thursday.
In its 2018 full year results report, FCA said its net revenue went up 4 percent year on year to 115.4 billion euros (about 130.4 billion U.S. dollars), and net profit increased 3 percent to 3.6 billion euros (about 4.07 billion dollars), thanks to its record global sales of Jeep and Ram brands.
However, in Asia and Pacific, including China, FCA suffered a 17-percent drop in net revenue. The automaker cited increased competition, particularly in the SUV segments, and market weakness in 2018 as the main reasons for its underperformance in China.
For better China operating results in 2019, FCA has pledged to launch more efficient powertrain combinations, refocus marketing on recently launched products, and improve product quality.
FCA will also restructure its regional office to simplify decision-making for China market, and try to lower cost to improve competitiveness.