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Fiat says it is committed to remaining in Italy, refocusing plants on exports

Published on September 23, 2012; Published on September 23, 2012

Topics :: Italy , U.S.

MILAN - Italian carmaker Fiat has restated its commitment to remain in Italy and says it will refocus its Italian plants on exports.

Fiat, which controls U.S. carmaker Chrysler, made the assurances Saturday after CEO Sergio Marchionne met with Premier Mario Monti amid growing concerns that the crisis would force plant closures.

Fiat sales in Italy dropped by 20 per cent in the first half of the year, and plants have been greatly underutilized.

Fiat said in a joint government statement that it will invest in Italy to prepare new products for launch when the market recovers, and that it has invested €5 billion ($6.5 billion) in the last three years.

Fiat investments have come under scrutiny since it retreated on plans to invest €20 billion over five years due to uncertainty.

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