Fiat Chrysler said on Thursday that it intended to spend over EUR 5 billion on new vehicle models and engines in Italy between 2019 and 2021, as the company seeks to fill under-utilized factories, to preserve jobs as well as to increase operating margins in European markets.
A large part of that amount will be invested in the development of electric and hybrid engines, Fiat Chrysler said.
As of 10:35 GMT on Friday the shares of Fiat Chrysler were losing 0.58% (EUR 0.085) on the day to trade at EUR 14.645 on the Milan stock exchange.
In New York, Fiat Chrysler shares closed lower for the sixth time in the past twelve trading sessions on Thursday. The stock went down 0.65% ($0.11) to $16.87, after touching an intraday high at $16.95 and an intraday low at $16.66.
Shares of Fiat Chrysler Automobiles NV have retreated 5.44% so far in 2018 following a 95.61% surge in 2017.
Fiat said it intended to launch as many as 13 new models or restylings of existing models between 2019 and 2021. It also said that a new Fiat 500 electric vehicle would be manufactured at its Mirafiori factory in Turin.
According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Fiat Chrysler’s stock price, have a median target of $20.45, with a high estimate of $28.45 and a low estimate of $14.20. The median estimate represents a 21.25% upside compared to the closing price of $16.87 on November 29th.
The same media also reported that 10 out of 25 surveyed investment analysts had rated Fiat Chrysler’s stock as “Hold”, while other 10 – as “Buy”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Fiat Chrysler Automobiles NV (NYSE:FCAU) are presented as follows:
Central Pivot Point – $16.08
R1 – $16.49
R2 – $17.00
R3 – $17.41
R4 – $17.81
S1 – $15.57
S2 – $15.16
S3 – $14.65
S4 – $14.13