Marchionne to update Fiat-Chrysler plan due to Europe woes

Sergio Marchionne, the chief executive of Fiat SpA and Chrysler Group LLC, said that he will revise his business plan for both automakers to account for the deterioration of the European auto market since 2009.

Marchionne will update his plans for 2013 and 2014 on October 30, he told reporters Monday in Columbus, Ohio.

Italian automaker Fiat took a 20 percent stake and management control of Chrysler in mid-2009 when the U.S. automaker emerged from government-funded bankruptcy protection.

Later that year, Marchionne unveiled a five-year recovery plan that called for the eventual combining of Fiat and Chrysler.

(Reporting by Bernie Woodall; Editing by Gary Hill)