Fiat SpA (FIATY.PK) plans to cut its investments in Europe by 500 million euros as the Italian carmaker does not expect the region's auto market to recover in the second half, Bloomberg reported, citing an interview with the firm's Chief Executive Officer Sergio Marchionne.
Marchionne said the new Grande Punto model, originally scheduled to be built in the beginning of next year, is one among the projects the firm is reconsidering in line with the changes of the market in Europe.
Fiat owns 58.5 percent in Chrysler Group LLC. Marchionne said there won't be any spectacular news on a full acquisition of Chrysler in the second half.
According to him, a recovery in Europe depends, among many factors, on Greece, the way the Euro currency continues and what Europe will do to sustain growth.
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by RTT Staff Writer
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