January 30, 2013 / 9:50 AM / 5 years ago

Fiat reduced losses in Europe in fourth quarter- CEO

GRUGLIASCO, Italy Jan 30 (Reuters) - Italy’s Fiat has reduced its losses in Europe in the fourth quarter, the carmaker’s chief executive said on Wednesday ahead of release of results at about 1300 GMT.

“Fiat’s 2013 results in Europe won’t be drastically different from 2012, we have already reduced losses in the fourth quarter,” he said, confirming Fiat’s target of breaking even in Europe in 2015 or 2015.

“We’re working at the speed of light.”

Demand for new cars in recession-bound Europe fell to a 17-year low in 2012, leaving mass market manufacturers little hope for this year as they try to cut costly excess factory capacity and aggressive discounting dents their margins.

Fiat had an EBIT loss in Europe of 219 million euros ($295 million) for its mass market brands in the third quarter of 2012. It sees a full-year loss of 700 million euros in Europe.

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