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Home > Car Makers News > Chrysler > Fiat chief to reveal Chrysler plan in Nov. | detnews.com | The Detroit News


Fiat chief to reveal Chrysler plan in Nov. | detnews.com | The Detroit News


-- Sergio Marchionne, chief executive of Fiat SpA and Chrysler Group LLC, told reporters here that he would present a restructuring plan for the U.S. automaker in November.

Marchionne, who spoke briefly with reporters during a tour of the Frankfurt Motor Show, did not elaborate.

Asked about Fiat's goal to create a group with sales of between 5 million and 6 million vehicles, Marchionne said that could be achieved with Chrysler once the economy and car markets stabilize

Fiat owns 20 percent of Chrysler and assumed management control of the Auburn Hills automaker when it emerged from bankruptcy in June.

"We will arrive alone at 6 million units. Between us and Chrysler, we will get there," Marchionne said.

Marchionne has said that threshold is critical for an automaker's survival, creating speculation about whether Fiat was still looking around for other partners.

"Wait until November," Marchionne said, when Chrysler will release its full business plan showing where the company is going for the next five years. "You will see whether I get there on my own."

Fiat made an early bid for General Motor Co.'s European subsidiary Adam Opel GmbH, but pulled out of the talks saying funding demands were unreasonable.

Marchionne gave no indication that Fiat is actively looking around at other automakers, and said in response to a question that he is not interesting in buying Ford Motor Co.'s Volvo unit.

The Fiat and Chrysler groups sold just over 4 million vehicles total in 2008.Marchionne declined to discuss the forthcoming model lineup ahead of the release of the new, post-bankruptcy business plan.

He said that the first Chrysler based on Fiat technology, an A class subcompact, will be on the market by the end of 2010.



[source]


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