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

    Learn what India's parties' symbols mean by drawing them

    Learn what India's parties' symbols mean by drawing them

    More than 2,300 political parties have registered for the largest electoral exercise in the world.

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.