Fiat Has 5-year Chrysler Development Plan

Sept. 16, 2009
Plans don't include financial investment

Fiat head Sergio Marchionne said on Sept. 16 he has a five-year development plan for Chrysler, that he hopes to unveil in November.

Marchionne, chief executive at Italian auto giant Fiat and Chrysler, said at the Frankfurt motor show he had found a "whole pile of surprises" when he took control of the bankrupt U.S. firm in June.

"We were surprised by how little had been done in 24 months," he said. "I am now confident that we have the right plan and people in place."

Marchionne said he wanted to make public details of the plan in November.

He said Fiat had no plans to invest any money in Chrysler, in which it has a 20% interest. Fiat agreed to provide technology to Chrysler in exchange for the stake.

Marchionne said Chrysler would begin reporting quarterly results by the end of the year.
"You will see numbers like you see for everyone else. I think we need to lift the shroud of secrecy from around the house. We have nothing to hide."

Copyright Agence France-Presse, 2009

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