Fiat to unveil plans to make new Jeep and Fiat SUVs in Italy

MILAN Thu Dec 13, 2012 10:58pm IST

A company logo is seen on a Fiat car displayed on media day at the Paris Mondial de l'Automobile, September 28, 2012. REUTERS/Christian Hartmann

A company logo is seen on a Fiat car displayed on media day at the Paris Mondial de l'Automobile, September 28, 2012.

Credit: Reuters/Christian Hartmann

MILAN (Reuters) - Italian automaker Fiat FIA.MI will unveil long-awaited plans next week to build two small sports utility vehicles (SUVs) in Italy, the company said on Thursday.

The announcement to be made by Chairman John Elkann and Chief Executive Sergio Marchionne marks the end of the company's investment freeze in its home market, where demand has dropped to levels not seen since the 1970s.

Fiat's mass-market brands are losing money in Europe and the company is profitable thanks only to revenue from its Chrysler division in the United States.

Fiat pledged in October to cut losses in Europe by increasing spending from 2013 to 2015, shifting the focus to its higher-margin brands Maserati and Alfa Romeo.

The new plan calls for three new models to be built in Italy next year and six new models in 2014.

The two new small SUVs are expected to be a Fiat and a Jeep, union sources told Reuters on October 31, and will be built at Fiat's Melfi plant.

Fiat first announced that it would build a Jeep SUV in Italy in October 2011 and had slated it for production in the second half of 2013.

(Reporting by Jennifer Clark; Editing by David Goodman)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Fuelling Change

REUTERS SHOWCASE

NSEL Fraud

NSEL Fraud

Govt orders Financial Tech to absorb NSEL, liabilities  Full Article 

Stalemate

Stalemate

WTO prepares for crisis talks as India keeps veto on global deal.  Full Article 

Deal Talk

Deal Talk

Smartphone repair company B2X steps up expansion with Indian deal.  Full Article 

Earnings Season

Earnings Season

HDFC Bank eyes pickup in corporate credit.  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

Iron Ore Imports

Iron Ore Imports

JSW Steel to boost iron ore imports by up to 80 percent.  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Remembering Margerie

Remembering Margerie

Total’s "Big Moustache"- bon vivant, deal-maker and risk-taker .  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage