Fiat Auto does not expect to break even on an operational level before 2004, chief executive Giancarlo Boschetti said on Tuesday, according to Reuters.

Fiat Auto had previously said it expected to break even in the second half of this year. But asked when Fiat Auto would break even, Boschetti told Reuters at the Geneva car show: "In 2004, we should make it in 2004." He confirmed the unit would not break even during any quarter of 2003.