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Fiat to Launch 20 New Models
Fiat will launch 20 new models over the next three years and invest billions of euros in auto research and development. This is all part of a turnaround bid, said CEO Sergio Marchionne. Mr. Marchionne went on to say that Fiat would not shut down any factories in Italy.
The statement followed a meeting between Mr. Marchionne, top government officials and union leaders at the Italian premier's office. The aggressive renewal of the product range that began two years ago is continuing under the 2005-2008 product range, which calls for the launch of 20 new models and 23 restylings of existing models, the statement said.
To support the comeback efforts, Fiat Auto will spend 4 billion euros ($4.92 billion) in research and development over the next four years, the company said. The Fiat group as a whole will invest about 18 billion euros ($22.15 billion) through 2008.
Posted by Jackie on August 10, 2005
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