Extended lay-off for Fiat workers

Automaker lays off 48,000 in Italy for a month as demand for cars falls.

    Fiat sold 25 per cent less cars in November 2008 than the same month last year [GALLO/GETTY]

    Fiat sold 71,000 new cars in November, which is 25 per cent less than the 94,600 cars sold the same month a year earlier.

    The Turin-based automaker earlier laid off workers for periods this autumn.

    Fiat Group Automobiles said in a statement on Tuesday that despite the drop in sales, its European market share had improved slightly to 8.3 per cent, up from 8.2 per cent a year earlier.

    'Consolidation necessary'

    Sergio Marchionne, Chief Executive Officer of  Fiat Group Automobiles, has said he foresees a consolidation in the car industry.

    "Independence in this business is no longer sustainable," Automotive News quoted him as saying, leading to speculation in the Italian media of possible partners for Fiat.

    Marchionne said that "the only way for companies to survive is if they make more than 5.5 million cars a year.''

    Fiat sold a total of 2.2 million cars and light commercial vehicles in 2007.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.