Fiat aims for European break-even in 2014

[April 04, 2012]  TURIN, Italy (AP) -- Fiat and Chrysler CEO Sergio Marchionne is targeting 2012 combined global sales of between 4.1 million and 4.4 million vehicles.

The targets are up slightly from last year, when the two automakers together sold 4 million cars. The forecast takes into account the declining European market, which Marchionne says is expected to contract for the fifth consecutive year.

Marchionne told shareholders on Wednesday the partnership with Chrysler should help Fiat's European business break even in 2014. He aims to make cars in Italy for export to North America, where factories are running near full capacity compared with 50 percent in Italy.

Fiat -- which has a 58.5 percent stake in Chrysler -- maintained its 2012 targets of euro77 billion ($102 billion) in revenue and net profit of euro1.2 billion to euro1.5 billion.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.