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The head of Fiat SpA's (F.MI) namesake brand for Europe has declined to confirm a sales target for the 500L, the latest addition to the 500 range, blaming the poor state of the region's car market.
"There's no sense talking about targets," said Gianluca Italia at a news conference held late Thursday to show off two new variants of the 500L, a bigger version of the 500 aimed at families. "The market is what it is. Just look at the volumes."
Car sales in Italy, Fiat's biggest market in Europe, have fallen to their lowest level in decades with the country in a long recession, with new car registrations falling 10.31% on the year in the first half of the year. In France, another important market for Fiat, they fell 11% for the same period.
Alfredo Altavilla, chief operating officer for the Fiat group in Europe, didn't expect the market to recover this year, justifying Fiat's strategy to focus on new models for its premium brands like Alfa Romeo for export.
"Exports are fundamental," Mr. Altavilla said at the same event. Fiat relies on its leading position in Brazil and its partner Chrysler Group LLC in the U.S. to make money. Analysts expect Europe's car market to decline 5% this year.
