Fiat would perform better without Italy-CEO

* All Italian plants are loss-making-CEO quoted by ANSA

* Italy not contributing to targeted trading profit in 2010

MILAN, Oct 24 (BestGrowthStock) – Italian carmaker Fiat (FIA.MI: )
would perform better without its loss-making Italian plants,
Chief Executive Officer Sergio Marchionne told an Italian TV
show on Sunday according to Italian news agency ANSA.

“Fiat could do more if it could cut off Italy,” from its
results, the outspoken Marchionne was quoted as saying in a
pre-recorded interview with TV show “Che tempo che fa”.

The CEO added that not a single euro of the 2 billion euros
of trading profit that Fiat is targeting for 2010 will come from
Italy, where all Fiat car passenger plants are loss-making.

Fiat, Italy’s biggest industrial group, has pledged to
invest billions of euros in Italy if it gets more labour
flexibility at its Italian factories, where production is more
expensive than at some of its foreign plants.
Europe’s No.6 carmaker, which owns 20 percent of U.S.-based
Chrysler, surprised analysts on Friday as it upgraded its 2010
guidance for trading profit well above forecasts.

Marchionne, who has said he will close down Sicily’s Termini
Imerese plant, has won backing from a majority of workers at
Fiat’s Pomigliano D’Arco plant to introduce some landmark
changes to the national labour contract. However one key union
opposes the plans.

If the new working agreement is implemented, Fiat will
manufacture its new Panda car at the Pomigliano D’Arco plant.

(Reporting by Lisa Jucca)

Fiat would perform better without Italy-CEO