Fiat chief executive Sergio Marchionne today said the Italian carmaker would invest eight billion euros (11.4 billion dollars) mostly in Italy over the next two years to increase productivity, according to dpa. The plan was included in a presentation - a copy of which was issued by Fiat - by Marchionne to Italian cabinet ministers and labour union representatives in Rome. "We have an ambitious plan for Fiat, most of all in Italy," Marchionne told the meeting. Turin-based Fiat, which this year took control of struggling US car giant Chrysler, plans to unveil 11 new Fiat and Lancia-branded models in 2010, boosting production from 650,000 to between 800,000 and 1-million cars a year, Marchionne said. Marchionne also explained why there would have to be cost-cutting measures including the closure of loss-making Fiat plant in Termini Imerese, Sicily by December 2010. The Italian government and the unions have repeatedly voiced concern for the future of Termini Imerese"s 1,800 workers. Prime Minister Silvio Berlusconi who is still recovering from a December 13 assault, did not attend the meeting, but was represented by his undersecretary Gianni Letta. -- SPA
