Italian, European car markets have not hit bottom: Fiat CEO

Published January 30, 2013

| Reuters

Italian carmaker Fiat Chief Executive Sergio Marchionne said on Wednesday that the Italian and European car markets have perhaps not yet hit bottom and will slump for the sixth year in a row in 2013.

"The Italian and European car markets are in a free fall and perhaps have not yet hit bottom," said Marchionne, who is also the chief executive of Chrysler, at the opening of a new factory outside Turin.

Italian car sales are seen falling about 25 percent in January from the same month a year ago when figures are released on Friday, continuing last year's slump to the lowest level in over 30 years.

(Reporting by Gianni Montani, writing by Jennifer Clark, editing Francesca Landini)

URL

http://www.foxbusiness.com/news/2013/01/30/italian-european-car-markets-have-not-hit-bottom-fiat-ceo/