Marchionne Confirms Fiat’s 2013 Targets at Geneva Motor Show image

Today, March 5th, Fiat and Chrysler CEO Sergio Marchionne, present at the Geneva Motor Show, confirmed the Italian automaker’s 2013 profit targets.

“I don’t see any glimmer of hope [for a European market recovery] this year,” Marchionne told journalists at a press conference at the Geneva auto show. “The first quarter will be rough,” he added.

In February, auto sales in Germany, Europe’s biggest auto market, dropped 10.5% to 200,683 units, according to KBA federal transport agency. Other European markets reported even worse falls as the crisis keeps customers away from making big-ticket purchases. Marchionne said that he sees Fiat falling below the 2012 level, and said that the political uncertainty in the country makes the situation worse. Last year, auto sales in Europe fell 7.8% to 12.5 million vehicles, marking a 17-year low.

”The thing that worries me most is that the Italian market is going to be lower than the 1.4 million last year and the political uncertainty is prolonging the slow down.”

Over the past 30 years, Fiat’s share price has surpassed rivals such as Peugeot and VW, mainly due to hopes that the Italian automaker will purchase more Chrysler shares or even succeed in the full-scale merger.