Fiat Chrysler Automobiles CEO Sergio Marchionne said Wednesday that he believes the company is on the verge of making a turnaround.
Speaking at a conference, Marchionnes statement came after analysts on Wall Street downgraded Fiat Chrysler shares from buy to hold.
The company had lost more than 20% of its value during the first half of the year.
Marchionne, in a separate interview with Bloomberg, said the company was on track to make a $3 billion profit for fiscal 2018, which ends on June 30.
Marchison is due to deliver a call for stockholders Thursday morning at 9:30 a.m. ET.