 Green incentives helped boost sales in Fiat's home market |
Profits at Fiat more than doubled in the first three months of 2007. Driven by strong car and truck sales, net profit rose to 376m euros ($510m; �255m), up from 151m euros last year.
As well as strong sales, Europe's fifth largest carmaker also squeezed more profit out of each car as margins rose from 1% to 3.1%.
The Italian firm said the improvement meant it expected to cut its net debt below 1bn euros by the end of 2007 - from an earlier target of 2bn euros.
Looking ahead, the Turin-based firm added it also expected its full year net earnings to come in at between 1.6bn and 1.8bn euros - the top end of expectations.
As well as rising sales, Fiat put the latest improvement in its fortunes down to an improved product offer - buoyed by strong sales of the Panda and Grande Punto model.
The Italian government's campaign to get greener cars on the road also drove sales in the group's home market - with the firm taking a 31.8% share of the market in March.
However, analysts have warned that the firm will face stiffer competition later in the year when other groups such as France's Renault push their latest models onto the market.
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