Fiat must continue to grow, Chairman John Elkann says

Article by Christian A., on April 12, 2013

In response to critics who think that Fiat has become too big, its Chairman John Elkann said that it’s actually “too small” and has to continue to grow. Fiat credits its acquisition of Chrysler for increasing its global reach but Elkann told shareholders at the annual meeting that it has much room to grow, considering the size of its competitors.

He divulged that in 2012, Fiat (the No. 7 biggest automaker) was able to sell 4 million cars globally and posted 84 billion euros in sales. This is impressive; however it hasn’t been successful in China, India, and Russia. Last year, it sold just 103,000 cars in Asia and Pacific markets.

A news conference was set for about 11 a.m. ET on Tuesday when Elkann and CEO Sergio Marchionne are expected to offer updates on both companies’ performances.

Fiat expects to achieve sales of 88 billion-92 billion euros this year, over 50% is expected to come from North America. Fiat hopes to hit sales of 4.3-4.5 billion cars. In 2012, it sold 2.1 million cars in the US, one million in Europe, and about 980,000 units in Brazil. However, Fiat reported losses on its mass market brands in Europe, where it predicts that it will break even in 2015 or 2016.

Topics: fiat

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