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ROME, July 4: Auto giant Fiat will be forced to close down one of its factories in Italy if the European car market continues to slump, unless sales to the US can be increased, the company’s head said on Wednesday.
“If the uptake levels in Europe remain the same over the next 24 to 36 months, there will be one in too many factories in Italy,” Fiat head Sergio Marchionne was quoted as saying by the Corriere della Sera daily. “If we manage to orient production capacity towards the US, the problem would disappear,” he said, referring to a plan to increase the sales of cars produced in Italy to the US, where the market is in better health.—AFP
