Chairman John Elkann Predicts Fiat Will Sell More Vehicles in South America Than Europe in 2013 image

Chairman John Elkann believes that Fiat will sell more vehicles in South America compared to Europe by the end of this year.

Selling more vehicles in South America will give Fiat the possibility to invest in the manufacturing of high profile brands which are mainly built at the automaker’s plants in Italy. At the beginning of this month the Italian automaker told union leaders it will make an investment of around 1 billion euro by the end of 2014 to start manufacturing a Maserati SUV at the Turin Mirafiori plant.

“It would not be possible to take the decision to invest in high value-added products such as Maserati and Alfa if we did not reach global dimensions,” Elkann was quoted as saying.

At the beginning of the year, Fiat and Chrysler CEO Sergio Marchionne said that he plans to use the idled plants in Italy to manufacture Maserati, Jeep and Alfa Romeo vehicles for export, as he wants to focus more on overseas sales to make up for the loss in Italy.

Fiat also plans to introduce five new models in the following two years, part of its strategy to return to profitability in Europe, Africa and Middle East. The Italian automaker will come up with four models of the 500 family and a new version of the Panda model.

Source: Reuters