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Fiat expects to meet 2010 targets despite downturn

Fiat posted higher than expected third quarter results yesterday and said it is confident of meeting its 2010 target despite the slowdown in sales.

The carmaker is aiming for the lower end of its profit target this year, at 3.4 to 3.6 billion euros.

Third quarter profit grew 8%, at 802m euros.

However its net debt rose from 550m euros at the end of June to 3.3bn euros at the end of September, triggering alarm among investors.

Worst case scenario

The carmaker is working hard to develop more eco-friendly engines for its forthcoming models.

In a worst case scenario, it said, its 2009 profits could drop 65% while global demand could fall by 10-20%.



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