Fiat chief executive Sergio Marchionne has told unions the automaker is working on a new business plan for Italy to present on 30 October, Fismic union leader Roberto di Maulo said.

Leaders of Cisl and Uil labor unions who also attended a meeting said Marchionne assured them Fiat did not plan to close any of the five factories in Italy, Reuters reported.

On 22 September, a Fiat source had told the news agency the carmaker’s board would not discuss an industrial plan on 30 October when the company is due to release third-quarter results and update its financial targets to reflect the effects of Europe’s prolonged slump in car sales.

“Marchionne told unions that Fiat is working on a new industrial plan for Italy based on the current economic outlook and that it will be presented 30 October,” di Maulo told Reuters.