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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Fiat Chrysler Automobiles    FCA   NL0010877643

FIAT CHRYSLER AUTOMOBILES

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Fiat Chrysler Automobiles : Italy's ruling parties at odds over taxing high-emission cars

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12/06/2018 | 09:42am EST
FILE PHOTO: Traffic moves along a road during a hot summer day near Rome

ROME (Reuters) - Italy's ruling parties were at odds on Thursday over an amendment to the 2019 budget law, introduced this week, that would raise taxes on traditional fossil-fuelled cars.

Late on Tuesday, Italy's Lower House Budget Committee approved subsidies of up to 6,000 euros (5,343.60 pounds) for those who buy low-emission vehicles, but at the same time it added a surcharge of up to 3,000 euros on sales of petrol and diesel cars.

The new rules had been encouraged by Italy's ruling 5-Star Movement, a pro-environment party, but on Thursday its coalition partner slammed the planned tax increase.

"I'm absolutely against any new tax on cars, which are already among the most taxed in the whole of Europe," League party leader Matteo Salvini said in an interview with Radio Rai1, adding that people who turned to more polluting models did so out of necessity, not choice.

Before forming the government together in June and having a common policy platform, dubbed as "the contract with Italians", the two parties were rivals and they run separately at local elections.

They have been at loggerheads several times since taking power, including over other measures 5-Star opposes in part for environmental concerns, such as the Franco-Italian high-speed rail link, which the League backs.

Luigi Di Maio, also deputy prime minister and leader of the 5-Star, replied to Salvini, saying the government would improve the measures.

"We do not want to harm families in difficulty .. who pick the cheapest car, nor do we want to create a shock to the Italian car market, to manufacturers or their workers," Di Maio said on Facebook.

Changes to the amendment would be agreed with consumer associations, sector trade unions, and car producers, he said.

Electric, hybrid and methane gas-powered cars made up 7 percent of Italy's car sales last month, according to data provided by foreign car manufacturers association UNRAE.

However, Italy's main car manufacturer Fiat Chrysler does not sell any electric and hybrid cars at present in Europe.

The expansionary budget - contested by Brussels for not respecting European rules - is currently being discussed by parliament and is due to receive a final green light by the end of the year.

(Reporting by Giulia Segreti, editing by Steve Scherer and Elaine Hardcastle)

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Financials (€)
Sales 2019 112 B
EBIT 2019 7 215 M
Net income 2019 4 754 M
Finance 2019 5 288 M
Yield 2019 3,89%
P/E ratio 2019 4,15
P/E ratio 2020 4,13
EV / Sales 2019 0,13x
EV / Sales 2020 0,12x
Capitalization 20 161 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 15,1 €
Spread / Average Target 16%
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Managers
NameTitle
Michael Mark Manley Chief Executive Officer & Executive Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer CFO & COO-Systems & Castings
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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