Following Group results released earlier in the week, Fiat has announced a four-year plan to break even by 2015/16, having reported a loss of 238m (£191m) in the third quarter of 2012.
Under the umbrella Fiat Group, including Jaguar, Abarth, and other marques, and an alliance with Chrysler, the plan includes the launch of 17 new models aimed at the European market and capital expenditure of between 16bn and 18bn (£12.8bn and £14.4bn).
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The strategy will also include the growth of luxury brands such as Alfa Romeo and Maserati, a smaller model of Jeep and an emphasis on Fiat 500 and Panda models.
Fiat-Chrysler chief executive Sergio Marchionne said the move was "not for the feint-hearted" and showed the company had "not shied away from a fight".
The Fiat plan is similar to that of fellow-manufacturer Ford which has responded to the floundering European sales experienced by almost all manufacturers with production closures and the announcement of 15 new models to be launched in the next few years.
richard.brown@vrlfinancialnews.com
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