Fiat is on course to beat 2006 financial targets, its chairman Luca Cordero di Montezemolo said on Monday, according to Reuters.

"Fiat's industrial plan is showing results that are above expectations. We expect an important performance for the end of 2006," Montezemolo told reporters on his way to a gala dinner on the occasion of the Lancia brand's 100th anniversary.

The report noted that Fiat said in July it expected a 2006 trading profit for the group of EUR1.85bn and said net profit should be EUR800m excluding one-off gains.

Montezemolo said 2007 would begin with the launch of the new Bravo and Cinquecento models.

"Alfa Romeo is also going well, as we saw from the August figures," Montezemolo added.

Fiat has benefitted in the market this year from a young model range and the success of the Fiat Grande Punto.

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