Due to European financial crisis Fiat shifts focus to US, Brazil market

Renowned Car Manufacturers Fiat and Chrysler are focusing on revenue-generating businesses in the United States and Brazil to help counter growing ambiguity in the European auto market, CEO Sergio Marchionne said Wednesday.

Fiat who bought Chrysler about two and a half years ago saw its credit rating relegated this week over financial risks in its association with the United States Car manufacturer, who are recovering from economic failure.  They are under severe pressure in its home market of Italy, where unions are resisting more flexible work conditions and demand is fading.

CEO Sergio Marchionne said “There is no doubt that a lot of elements are coming to play here, one of which may be an Italian factor. … I don’t know any more, the stock market is up 4, 5 percent one day, then down 3. It is totally moving on rumors. There is no factual basis. I haven’t moved a forecast. I have moved nothing."

He further added “It is embedding a perception of risk which is totally outside of my control for me to try to cover it. We are almost helpless on this. There is nothing I can tell you, or tell the market, that will make this go away”

Article Viewed on Oye! Times @ www.oyetimes.com

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