Fiat's Italian Business Still Unprofitable in 2010, CEO Marchionne Says
Fiat SpA Chief Executive Officer Sergio Marchionne said the Italian carmaker’s domestic business will still be unprofitable this year.
Fiat on Oct. 21 raised its target for 2010 earnings before interest, taxes and one-time items to at least 2 billion euros, reported Bloomberg.
“None of those earnings will be made in Italy,” Marchionne said in Milan in an interview with state television RAI. “We still have a loss.”
Marchionne was commenting on the carmaker’s measures to raise productivity at Italian plants. Fiat plans to invest 20 billion euros through 2014 in Italy to improve plants and vehicle development if unions agree to curb strikes and add shifts.
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