MILAN Nov 24 Italian car maker Fiat FIA.MI is planning to bring to market three models under a new low-cost brand to be launched in western Europe, industry publication Automotive News reported on Monday. Fiat had intended the models for emerging markets like Brazil, but the global financial crisis has led it to believe demand for them could grow in mature markets as well, Automotive News said, citing people familiar with the matter.
Although Italian business daily Il Sole 24 Ore cited the publication's report on Sunday, Automotive News published it on the website of its European edition on Monday.
Fiat declined to comment.
Fiat Chief Executive Sergio Marchionne told reporters on Oct. 13 the car maker would introduce the new low-cost brand in 2010.
Automotive News said Fiat had yet to decide if it would build the cars in plants in Italy, Poland, or Serbia.
Car makers are rushing to come out with low-cost models after the success of Renault's (RENA.PA) Logan. (Reporting by Gilles Castonguay; Editing by Mike Nesbit)