Photo: Fiat
Sergio Marchionne is known for being a very strict CEO, who has consistently asked his designers and engineers to rework a project if he isn’t satisfied. There’s rumors of the executive retiring from his position, but until then it looks like Fiat’s European operations will return to profitability.
"We have actually dropped forecasts for 2011 car sales in Italy," Marchionne said in an interview in London on Tuesday, according to Automotive News.
For now, the Italian carmaker is struggling to keep up with competition in its biggest market. Their market share has been reduced to just 5.8 percent in August from 6.8 percent a year before, as deliveries fell 7.6 percent.
As a result, Fiat’s plan to buy up the remaining stake in Chrysler has been put on hold, and the launch of a new model for the global market has been delayed. Moody's rating agency cut Fiat's credit rating to reflect the risk posed by Chrysler.
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