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Fiat boss Sergio Marchionne plans to steer the
Italian carmaker through the current doldrums in the European market
without closing additional factories, he said Tuesday at the North
American International Auto Show in Detroit.
He foresaw converting Fiat's excess capacity in Europe to produce
cars for other brands within the conglomerate. Still, the adjustments
to achieve that capital-intensive shift would be "very painful."
In November 2011, Fiat closed a factory in Sicily, and last month
the company announced that it would spend 1.3 billion dollars to
retool a plant in Melfi, Italy, to build an entry-level Jeep and a
new Fiat 500.
