Fiat Shares Drop In Italy As Automaker Looks to Miss U.S. Sales Targets
Shares in Fiat fell on Tuesday as a result of reports that North American sales of the 500 would fall short of the company’s target.
Fiat shares fell 4.26 percent Tuesday as investors grew worried over what CEO Sergio Marchionne said regarding the great opportunities the Italian brand would have in America.Laura Soave, head of the Fiat brand in North America acknowledged that Fiat would fall short of its full-year North American sales target of 50,000 vehicles. By the end of July, Fiat had only sold 12,000 units in North America.
Fiat is hoping to have better luck with a new variant which will hopefully cement the 500’s reputation as a trend setter. A Gucci 500 will be unveiled at Fashion Week in New York on September 8. Both Gucci editions of the Fiat 500 and 500 Cabrio have been designed in collaboration between Gucci Creative Director Frida Giannini and Fiat’s Centro Stile. “With Gucci as our design partner, we’ve amplified the Italian style of our Fiat 500 with unique exterior and interior looks that will make the car truly unique on the road,” said Laura Soave. “We have coverage now, so now is the time for us to turn this up,” Soave said. Fiat’s Gucci 500 will hit dealerships in December and pricing will soon be announced.
[Source: The Detroit News]
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