Fiat aims for European break-even in 2014

Published April 4, 2012 11:18AM (EDT)

TURIN, Italy (AP) — Fiat and Chrysler CEO Sergio Marchionne is targeting 2012 combined global sales of beween 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 €77 billion ($102 billion) in revenue and net profit of €1.2 billion to €1.5 billion.

By Salon Staff

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