Marchionne:”No European market recovery for now”
At least three to four years is how long it is going to take before the first signs of recovery on the European market are going to show. That is what Sergio Marchionne expects and made clear a few days back during a meeting with the American ambassador David Thorne (picture) at the council of Italian-American relations in Venice. That is why it is of great importance to adjust every European Fiat-factory for global export. Thanks to successes in the US and Brazil and the expansion plans in China and Russia, this is the only correct decision to be made. Like we already wrote last weekend, this is what Marchionne has in mind in order to make Fiat prosperous inside Europe again. The CEO also repeated that not one Italian factory will be sacrificed in these harsh times.
Other subjects were, again, the complete takeover of Chrysler and the following IPO in New York. This time Marchionne did mention a date; somewhere in the fourth quarter of 2013. The negotiations with the VEBA are only about the price setting, so said the Fiat-boss, given that the trade union has a lot of faith in Fiat’s future plans. The overarching company of the Agnelli-family (Exor) will be expanding its shares in the car manufacturing company once the takeover is finished and now has 2 billion euros more cash because they sold their shares in SGS.
Jeep will be the most important brand for expansion in China in the Fiat-Group and they might even look for a second partner next to GAC in order to have a second production location at hand when it should be needed. Marchionne said there are several companies interested in working together. Alfa Romeo will be an important brand, too, in the next years (especially in North-America). The CEO said that a lot will be kept secret about Alfa because of tactical reasons.