Fiat will see a turnaround in the fourth quarter, when sales of its restyled Punto model will prove crucial to results, the group’s chief executive reportedly said on Wednesday.

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According to Reuters, Fiat earlier this month unveiled a three-year industrial plan that included investment of €9.6 billion ($US11.83 billion) and the launch of new cars including a redesigned, larger version of its best-selling Punto supermini.


“The group is pulling ahead, and the performance of the new Punto in the last part of this year will be very important,” Sergio Marchionne told the news agency on the sidelines of a conference.


Asked if 2005 will be the year of Fiat’s turnaround, Marchionne said, “The last quarter (of 2005) will be the turnaround.”


Reuters noted that the Punto makes up a quarter of Fiat Auto’s turnover, and Marchionne has said he expects Fiat to sell 80,000 of the model by the end of the year.

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When it announced preliminary details of the redesigned, larger Punto, Fiat said the existing model would continue to be sold alongside it.


Analysts reportedly expect the Fiat group to return to net profit this year after years of losses. For the second quarter this year, Fiat reported net profit of €217 million, compared with a net loss of €246 million in the same period in 2004.


According to Reuters, Marchionne also said he would meet trade union representatives in October to discuss the plan, which unions have welcomed despite having criticised Fiat in the past for slashing jobs.


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Current Punto continues beside new model