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Fiat Profits Plunge 55%

Fiat says its second-quarter profits plunged 55% as its U.S. partner Chrysler struggled to move old product with new incentives, while the Fiat brand saw sales drop in South America. Fiat, which expects to complete its takeover of the U.S. maker in October, earned a net profit of 197 million Euros, or $264 million, for the three-month period ending on June 30, compared with 435 million Euros a year before. 

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