Turin

Auto sector a 'disaster,' says Fiat CEO

Fiat committed to Italy

Auto sector a 'disaster,' says Fiat CEO

(ANSA) - Turin, September 24 - Maintaining that his company's financial health is sound, Fiat CEO Sergio Marchionne said Monday that "anyone operating in the automotive sector in Europe today is experiencing varying degrees of unhappiness. The European car market is a disaster". Responding to criticism last week by Tod's founder Diego Della Valle who accused managers and owners of Fiat for making poor decisions, Marchionne said that reasearch and development investments for one company does not necessarily apply for another. "I do not make bags, I make cars. What he (Della Valle) invests in one year of research and development wouldn't even make the corner of a fender. He needs to stop pestering," said Marchionne. Della Valle also said that Fiat was "making the choices that are most convenient for them, without taking into consideration the interests or the needs of the country, a country that has given much, very much, perhaps too much to Fiat". Marchionne closed Monday's assembly by saying, "I confirm Fiat's commitment to this country".

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