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Fiat plans two-week production stop

Fiat plans two-week production stop

Fiat will halt car production at all its Italian plants for two weeks starting at the end of February amid a sharp drop in orders, the company said Tuesday.
Some 30,000 workers will be temporarily laid off from Feb. 22 to March 7 after orders this month "sharply declined," reaching a lower level than January last year, Fiat said.
The announcement came a day after Fiat, which has a controlling stake in Chrysler LCC, reported a fourth-quarter loss due to a sharp decline in sales of trucks and construction equipment _ even as sales of its small, fuel-efficient cars rose thanks to cash-for-clunkers incentives.
The company also reported a loss for the full year, but cut its net debt level more than anticipated and significantly strengthened its cash position.
It warned that its fortunes in the coming year would depend heavily on whether European governments continue scrapping incentives that have benefited makers of small cars.


Updated : 2021-10-16 22:24 GMT+08:00