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Business

Fiat chief warns of huge job losses unless govt steps in

Latest update : 2009-01-26

Sergio Marchionne, head of Italy's flagship carmaker Fiat, urged the Italian government to take urgent measures to help the car industry or face the loss of up to 60,000 jobs as sales dropped 60% from last year.

AFP - Italy's auto sector could shed 60,000 jobs unless the state comes to the rescue, the head of Fiat said on Monday ahead of a government meeting on the challenges facing the car industry.
  
"If the government doesn't intervene, the risk that 60,000 workers in the automotive sector have stay at home is real," Fiat chief executive Sergio Marchionne was quoted by Italy's Ansa news agency as saying.
  
"We are expecting measures for the entire automotive sector, which is currently selling 60 percent less than last year," he said.
  
Italian Prime Minister Silvio Berlusconi has ruled out state aid for the car industry but called a meeting on the issue for later this week.
  
Fiat has slashed production recently because of the slump in global demand.

Date created : 2009-01-26

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