GENEVA – Fiat Chief Executive Sergio Marchionne said on Tuesday that the weaker yen would have an impact on car sales in Europe, where mass-market manufacturers are struggling with losses.
"The weaker yen will have an impact, Korean imports will have an impact," Marchionne said at a press conference.
Marchionne however was not as gloomy about the prospects for Europe's car market as many of his competitors.
"I think we'll see a recovery starting next year," he said. He believes European Union leaders will be forced to take more urgent measures to deal with recession in Europe's southern rim.
Asked about reports that Fiat plans to move production of its 500 mini car to Poland from Mexico, he said it was too soon to reply. "I confirm the importance of our plant in Toluca as a production center," he said, referring to Fiat's plant in Mexico.
(Reporting by Jennifer Clark. Editing by Jane Merriman)