MILAN (Reuters) - Italy’s car market shows no signs yet of recovery, unlike other key countries in Europe, a top Fiat FIA.MI executive said on Thursday.
Italian car sales fell 5.58 percent in October from a year ago, while sales rose in France, Spain and Germany.
“We are not seeing signs of a recovery in Italy, while in other markets we are seeing the glimmer of recovery where the market has touched bottom,” said Fiat-Chrysler EMEA chief Alfredo Altavilla. “The real problem in Italy continues to be lack of consumer spending.”
He confirmed that Fiat will reach break-even in Europe in 2015 or 2016 as previously forecast, despite continued weakness in Italy’s car market.
Italy accounts for 10 percent of Fiat’s volumes in Europe, said Altavilla.
Fiat’s market share in Italy has remained between 28-30 percent for years. Altavilla said the company is not wedded to its Italian market share.
“We’re not and we never have been,” he said. “We are bound to our economic targets and we have to find the right connection between market share and economic results.”
Reporting by Jennifer Clark; Editing by Elaine Hardcastle