Fiat Will Not Present the Investment Plans for the Italian Market image

Fiat will not include information about the future of its five Italian plants, when it will report the results at the end of October.

On Saturday, September 22nd, Fiat announced it will not give up on Italy, although the European economic crisis made the automaker postpone until 2015 the production of the upgraded version of the Punto compact manufactured at Melfi. Although Fiat will report its third-quarter results on October 30th, it will not present the investment plans for the Italian plants as it was expected, because the company has already presented them to the Italian government on Saturday, during the meeting with the Prime Minister Mario Monti.

In August Fiat announced its plan to stop further investments to avoid losses and cut costs in a weak auto market, decision which has made the company the target of criticism from politicians and trade unions, which are concerned about future job losses if the company will decide to shift production to foreign markets were salaries are lower.

“The board on October 30 will examine third-quarter results but will not say anything about the future production of the five Italian factories,” La Repubblica newspaper said. “It’s all on hold until 2014 when the market, according to Chief Executive Sergio Marchionne, could show signs of recovery.”