Earlier this week it was reported that Volkswagen Group AG was interested in buying Fiat Group’s Alfa Romeo brand. During a call with analysts yesterday, Marchionne made it clear that he has no plans to get rid of Alfa and is sticking to the turnaround plan he announced for the brand earlier this year.
“I said I will not sell it,” Marchionne said.
The CEO of Fiat SpA said that the third-quarter is going well for the company and that he could raise the outlook for 2010 at the end of the third quarter, sending the group’s shares higher.
Fiat, which is Europe’s fifth-largest automaker, took 20 percent in Chrysler Group LLC last year. When asked by analysts how Fiat is performing the third quarter, Marchionne said: “Quite well. We have seen an extremely weak European car market, as of course was to be expected. You needed a period to reestablish a base for growth.”
– By: Stephen Calogera
Source: Automotive News (Subscription Required)