Fiat said on Thursday its turnaround plan saw the wiping out of group net losses in 2005 but its core car arm Fiat Auto would take a year longer than previously forecast to hit break-even on an operating level, Reuters reported.
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“The plan…calls for the group to achieve operating break-even in 2004 (in 2005 for Fiat Auto), to eliminate all net losses in 2005, to return to profitability in 2006 (bottom-line break-even for Fiat Auto in 2006) and achieve break-even cash flow from operations in 2005 (2006 for Fiat Auto),” Fiat said in a statement cited by Reuters.
Separately, Reuters reported that Fiat group chief executive Giuseppe Morchio said on Thursday that he expects Fiat market share in the Italian home market to rise to 32.4% by 2006, up from just under 30% now.
Morchio, presenting a turnaround plan for loss-making Fiat, said the group’s “prudent” forecasts also saw its market share of the European car market at 4.1% in 2006, the Reuters report added.
