Italian, European car markets have not hit bottom: Fiat CEO

GRUGLIASCO, Turin Wed Jan 30, 2013 5:41am EST

Chrysler Group Chairman and CEO Sergio Marchionne addresses the audience during a news conference at the Chrysler Mack I Engine Plant to announce a major financial investment and more jobs added to the engine plant in Detroit, Michigan November 15, 2012. REUTERS/Rebecca Cook

Chrysler Group Chairman and CEO Sergio Marchionne addresses the audience during a news conference at the Chrysler Mack I Engine Plant to announce a major financial investment and more jobs added to the engine plant in Detroit, Michigan November 15, 2012.

Credit: Reuters/Rebecca Cook

GRUGLIASCO, Turin (Reuters) - Italian carmaker Fiat FIA.MI Chief Executive Sergio Marchionne said on Wednesday that the Italian and European car markets have perhaps not yet hit bottom and will slump for the sixth year in a row in 2013.

"The Italian and European car markets are in a free fall and perhaps have not yet hit bottom," said Marchionne, who is also the chief executive of Chrysler, at the opening of a new factory outside Turin.

Italian car sales are seen falling about 25 percent in January from the same month a year ago when figures are released on Friday, continuing last year's slump to the lowest level in over 30 years.

(Reporting by Gianni Montani, writing by Jennifer Clark, editing Francesca Landini)