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Fiat to flout four new Chrysler models on road to recovery
Nov 4, 2009, 20:40 GMT
New York - Italian car giant Fiat will use its new control of Chrysler to launch at least four new models in the US market over the next three years, Fiat's chief executive Sergio Marchionne said Wednesday.
Marchionne also said Chrysler was able to post an operating profit in September, a significant milestone for the beleaguered manufacturer that declared bankruptcy earlier this year.
Chrysler had 5.7 billion dollars in cash on hand at the end of September, compared to 4 billion dollars when it emerged from insolvency in June.
Marchionne, who laid out his four-year vision for Chrysler at the company's headquarters in Auburn, Michigan, said he was aiming to introduce the small Fiat 500 to the US market by the end of next year or early 2011.
Another three models based on Fiat designs would be rolled out through Chrysler's Dodge brand - a small car, a compact sedan and a medium-sized sedan.
Fiat stepped in last June to save Chrysler from collapse, taking a 20-per-cent stake and full management control of the company, while the rest went to the US government and labour unions.
Fiat has the option of taking a majority stake of Chrysler in the coming years as it pays off billions of dollars in emergency government loans.
But Chrysler has had a tougher time reviving its fortunes than its bigger US rivals General Motors and Ford, both of which reported a slight increase in sales in October. Chrysler reported another 30- per-cent drop compared to a year earlier.
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