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More cash needed for Fiat?

Fiat is set to present a new 'operating plan' for its ailing Fiat Auto subsidiary by the end of June, according to Fiat SpA chairman Umberto Agnelli.

The plan would be "quite complete and respond to the needs of maintaining maximum employment levels, while also boosting efficiency to boost Fiat's results," Agnelli told shareholders, according to a Dow Jones report.

The plan will be a result of chief executive Giuseppe Morchio's analysis of Fiat's existing plans. The carmaker has refused to respond to reports that it is to seek a major capital injection.

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