MILAN -- Fiat S.p.A. CEO Sergio Marchionne said he targets a breakeven result for the carmaker's European business by 2014 and confirmed financial targets for this year, even as sales slow down in the region.
"We have actually dropped forecasts for 2011 car sales in Italy," Marchionne said in an interview in London on Tuesday. Italian government austerity measures "will ultimately impact 2012 volumes. Northern and central Europe is doing relatively well.''
Marchionne is struggling to boost European sales as Fiat posts losses in Europe, its biggest market, and continues to lose ground to competitors.
The company's market share in the region shrank to 5.8 percent in August from 6.8 percent a year earlier as deliveries fell 7.6 percent.
Marchionne in July promoted purchasing chief Gianni Coda to run the two carmakers' European operations.
Marchionne, 59, said last week he may delay introduction of new models globally and won't consider selling shares in Ferrari as markets deteriorate.
A plan to buy the remaining stake in Chrysler is also on hold, Marchionne said Sept. 13 in Frankfurt. Fiat currently owns 53.5 percent of Chrysler and expects to get another 5 percent by the end of this year in exchange for developing a fuel-efficient model.