Fiat confirms 2013 targets, sees no European market recovery

GENEVA, March 5 Tue Mar 5, 2013 4:21am EST

GENEVA, March 5 (Reuters) - Fiat Chief Executive Sergio Marchionne on Tuesday confirmed the company's 2013 profit targets and an outlook for a European car market at last year's levels.

"I don't see any glimmer of hope (for a European market recovery) this year," he told journalists at a press conference at the Geneva car show.

"The first quarter will be rough."

German car sales on Monday fell 10 percent in February, indicating that consumers in Europe's largest car market were also beginning to feel the pinch.

European car sales fell to a 17 year low in 2012, down about 8 percent from the year before.

Marchionne said he sees the Italian car market falling to below its 2012 level this year, when it returned to volumes not seen since the 1970s.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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