12 Feb '11, 3pm

Fiat promises massive investment in Italy: ROME: Italian auto giant Fiat, under pressure to abandon any plan to

ROME: Italian auto giant Fiat, under pressure to abandon any plan to move its headquarters to the United States, committed Saturday to invest 20 billion euros to produce 1.4 million vehicles in Italy. Meeting Prime Minister Silvio Berlusconi and senior officials, angered over the possible headquarters transfer, top Fiat management confirmed the investment plan, a government statement said. But the question of whether Fiat would remain based in its birthplace of Turin remained unclear, with local officials saying it had been put off for three years and would depend on the company's performance. "The Fiat president and chief executive, John Elkann and Sergio Marchionne, confirmed to the government their intention to pursue their development targets ... which envisage auto production rising from 650,000 vehicles to 1.4 million annually after an investment of some 20 billion e...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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