Fiat to launch 20 new models in next 3 years

Fiat to launch 20 new models in next 3 years

Fiat has aimed to turn around its dampening business and market position and would be launching 20 new vehicles in the next 3 years in a return to make a comeback in the auto market around the world. They also plan to invest billions of euros into R and D as part of this process to turn around. The news was released to the media by the Italian carmaker’s chief executive officer yesterday.

Fiat CEO Sergio also promised that they would not shut down any of the many factories located in Italy. He said: “The aggressive renewal of the product range that began two years ago is continuing under the 2005-2008 product range, which calls for the launch of 20 new models and 23 restylings of existing models.”

This would bring a smile on the workers of Fiat in Italy. Marchionne met with the top government officials and union leaders at the Italian premier’s office before announcing these future plans for the company. The estimated budget spending by the company in the coming years is expected to be in the range of four billion euros in research and development alone.

The company is already on its way to cutting its losses and maybe post a profit by the end of the year. Some of the forthcoming new models are expected to arrive in the fiat brands like Fiat, Lancia, Alfa Romeo, and Commercial Vehicle lines, and include five models not included in earlier announcements. The company also has plans to develop an all-new small car in Tychy, Poland.