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

FIAT CHRYSLER AUTOMOBILES

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Jaguar Land Rover's UK output at risk from coronavirus-hit supplies

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02/18/2020 | 11:41am EDT
FILE PHOTO: Signs are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England.

COVENTRY, England (Reuters) - Jaguar Land Rover (JLR) has flown Chinese parts in suitcases to Britain to maintain production and could run out after two weeks as the impact of the coronavirus outbreak hits firms across countries and industries.

Britain's biggest carmaker, which operates three car factories in its home market making nearly 400,000 vehicles a year, joined major global companies such as Apple in warning of the impact of the virus on supply chains.

Fiat Chrysler said last week it had temporarily halted output at its Serbian plant, the first such suspension by an automaker in Europe in response to the health crisis.

Components made in China are used in millions of vehicles assembled around the world and Hubei province - the centre of the virus outbreak - is a major hub for vehicle parts production and shipments.

"We are safe for this week and we are safe for next week and in the third week we have ... parts missing," Chief Executive Ralf Speth told reporters at the official opening of the National Automotive Innovation Centre in Coventry, central England.

"We have flown parts in suitcases from China to the UK," he said.

Production at the firm's Chinese factory would recommence on Feb. 24 and was "safe for the very first week", he added.

The new coronavirus has killed some 1,900 people in China and infected around 72,000, confining millions to their homes, disrupting businesses and delaying reopening of factories after the extended Lunar New Year holiday break.

Speth said sales in China, the world's biggest auto market, had been hit. That comes after JLR had seen a recovery in sales there, helping it to return to profitability in recent quarters.

"That's completely stopped. It's zero," he said. "You don't know whether the economy will catch up or whether this kind of loss is just a loss."

The boss of Tata Motors, JLR's parent company, speaking at the same event, said its Indian suppliers did not have sufficient visibility regarding parts from China.

"We are safe for the month of February and for a good part of March," said Guenter Butschek. "Are we fully covered at this point of time for the full month of March? Unfortunately... not."

(Editing by Alistair Smout and Mark Potter)

By Costas Pitas

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 2.00% 264.96 Delayed Quote.-11.65%
COVENTRY GROUP LTD -4.00% 0.48 End-of-day quote.-4.00%
FIAT CHRYSLER AUTOMOBILES 1.06% 7.119 Delayed Quote.-46.61%
TATA MOTORS LIMITED 0.37% 67.6 End-of-day quote.0.82%
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Financials (EUR)
Sales 2020 101 B
EBIT 2020 5 440 M
Net income 2020 2 687 M
Finance 2020 3 879 M
Yield 2020 8,19%
P/E ratio 2020 4,12x
P/E ratio 2021 3,12x
EV / Sales2020 0,07x
EV / Sales2021 0,07x
Capitalization 11 047 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 11,08  €
Last Close Price 7,04  €
Spread / Highest target 298%
Spread / Average Target 57,3%
Spread / Lowest Target -35,4%
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Managers
NameTitle
Michael Mark Manley President, Chief Executive Officer & Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer Chief Financial Officer & Executive Director
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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