Turin

Italian political uncertainty weighing on Fiat, CEO says

Marchionne says financing costs rising, but confirms commitment

Italian political uncertainty weighing on Fiat, CEO says

Turin, April 9 - Italian carmaker Fiat SpA's chief executive on Tuesday said he isn't giving up on the firm's home country even as the continuing political crisis has a price. During the company's annual general shareholder meeting in Turin, Sergio Marchionne said he was worried about the effects of political uncertainty, "which weighs on the company's financing costs: the more the crisis continues, the more it weighs (on borrowing costs), but there is no change in our plans nor do we plan to make any modifications". During the meeting, Marchionne also said that Fiat could have "closed one or more plants in Italy" but instead searched for "an equilibrium point between industrial logic and social responsibility. This is the reason why we chose the route of courage and responsibility as opposed to the easier one". The chief executive of Italy's largest private employer added: "The country is passing through a difficult phase. We are perfectly aware that the commitment we've undertaken is huge, even more so in a context of uncertainty like the current one. "But we have never stepped back and we don't intend to do so now, in such a delicate moment".

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