Την αγόρασε ο Μπουγκάτεν, αλλά εξακολουθεί να είναι Μπουγκάτι!

10.05.2005 THE BOARD OF DIRECTORS OF FIAT S.P.A., WHICH MET TODAY IN TURIN UNDER THE CHAIRMANSHIP OF LUCA CORDERO DI MONTEZEMOLO

RESULTS FOR THE FIRST QUARTER OF 2005

The Board of Directors of Fiat S.p.A., which met today in Turin under the chairmanship of Luca Cordero di Montezemolo, decided to call the Stockholders Meeting for June 23, 2005, on the second call, and to define the guidelines for an update of the corporate governance system.

The Group confirms its stated objectives for 2005. Despite a lower auto market demand which in the quarter caused a decline in Group revenues (-2.4%), Group trading profit – the new indicator that measures the regular company operations – almost doubled (from 24 million euros to 47 million euros), and Fiat Auto cut its loss from 146 million euros to 129 million euros. Particularly positive was the performance of Iveco, with improved revenues by about 5%, and of Fiat Auto’s commercial vehicles, with a market share of about 40% in Italy which rose to 43.9% in April. During the first three months of 2005, Fiat achieved the leadership position in the Brazilian market for cars and commercial vehicles with a share of 24.6%, as registrations of its new vehicles rose by 15.8%, well ahead of the 4.9% recorded by the market as a whole.

Net income amounted to 293 million euros, an improvement of 685 million euros due to the realized gain on the first installment of the settlement with General Motors attributable to the first quarter of 2005. In addition, the Group made important strategic decisions in the first quarter of 2005, including the creation of an alliance between Iveco Finance and Barclays that will provide financial services to Iveco customers, and the establishment of Fiat Powertrain Technologies. All of the Group’s engine and transmission know-how will be combined within this new industrial business unit, which will spearhead technological development in powertrain and drive sales of engine systems to third parties.

The Group

The Group reported revenues of 10.8 billion euros, compared with 11 billion euros in the first three months of 2004. This 2.4% decrease is due to lower unit sales in the Automobile Business Area, offset in part by gains from CNH, Iveco and the Components and Production Systems Area. Excluding Automobiles activities, revenues were up 3.2% compared with the first quarter of 2004. In the first quarter of 2005, the Group earned a trading profit of 47 million euros, up from 24 million euros in the first three months of 2004. This gain is chiefly the result of lower losses in the Automobile Business Area and improved results by CNH and Iveco. In the first quarter of 2005, the operating income rose to 729 million euros, compared with 71 million euros in the same period last year. This increase reflects an unusual gain of 715 million euros recognized following the settlement with General Motors. The amount of the gain posted in the first quarter was pro-rated to the proceeds received during the period, i.e. 1 billion euros out of an agreed total settlement of 1,550 million euros. The balance, estimated at 400 million euros, will be recognized upon completion of the unwinding of the joint venture.

The result before taxes improved from a loss of 267 million euros in the first three months of 2004 to income of 561 million euros in the first quarter of 2005. The 828 million euro improvement mainly reflects a 658 million euro increase in operating result and a 176 million euro reduction in net financial charges. Financial charges decreased to 199 million euros, compared with 375 million euros in the first three months of 2004, when it included a net charge of 155 million euros due to the partial closing of an equity swap on General Motors shares and related end-of-period fair market valuations.

The Group earned consolidated net income of 293 million euros in the first quarter of 2005, compared with a loss of 392 million euros in the same period a year ago. Excluding the income from the GM settlement, the year-over-year improvement would have amounted to 147 million euros. At March 31, 2005, the Group’s liquidity (cash and marketable securities) was 5.7 billion euros (6.1 billion euros at the end of 2004). Liquidity included approximately 950 million euros (approximately 600 million euros at the end of 2004) specifically earmarked for the repayment of the debt related to securitizations executed by Financial Service Companies. At just over 32 billion euros, the Group’s financial debt was unchanged compared with 2004 year end and included about 10 billion euros in receivables sold. Net industrial debt (10 billion euros) grew by about 600 million euros, reflecting higher working capital requirements, only partially offset by the collection of 1 billion euros from General Motors.

Automobiles
In the first quarter of 2005, the Group’s Automobile Business Area reported revenues of about 5 billion euros, a drop of 8.3% from the first three months of 2004. This decrease is due to lower unit sales. However, under the new IFRS accounting principles, the correlation between units sold and revenues is no longer immediate. Pursuant to the new principles, whenever a vehicle is sold with a buyback contract (particularly when the contract is for a period exceeding 12 months), only the difference between the sale and buyback prices can be recognized and must be allocated over the life of the contract. The Automobile Area reported a trading loss of 166 million euros in the first quarter of 2005, an improvement compared with a loss of 185 million euros in the same period last year.
Fiat Auto booked revenues of 4.6 billion euros, compared with 5.1 billion euros in the first three months of 2004. The 9.3% decrease is mainly attributable to a drop in units sold in a declining Western European market (-2.6%). The only Western European markets experiencing growth were Spain, where the market held steady, and France, where registrations grew by 3.7%. Financial services generated revenues of 153 million euros, or 21% less than in the first quarter of 2004. A reduction in business volume and the sale of the UK retail finance operations in the closing months of 2004 account for this decrease. In the first three months of 2005, Fiat Auto shipped about 419,000 vehicles (-11.8%), of which 285,000 were sold in Western Europe. This shortfall was chiefly due to the negative demand trend that characterized Western Europe and the Italian market in particular.

The Automobile operations are facing an extremely harsh competitive environment while waiting for the upcoming launch of new models and pursuing a strategy that concentrates on sales offering the most attractive margins. Revenues were down in virtually all major European markets. Only in France did sales hold at the same level as in the first three months of 2004. Fiat Auto’s market share was 28.3% in Italy (one percentage point less than in the first quarter of 2004) and 7% in Western Europe (-1.1 percentage points). Outside Western Europe, not all markets performed evenly. In Poland, for example, a sharp drop in demand caused revenues to plummet (-48%), but the opposite was true in Brazil.

During the first quarter of 2005, Fiat regained the leadership position in the Brazilian market for automobiles and commercial vehicles with a share of 24.6%, as registrations of its new vehicles rose by 15.8%, well ahead of the 4.9% recorded by the market as a whole. Sales of light commercial vehicles were especially strong in the quarter. Fiat Auto’s share of this segment of the Italian market was 39.4% and rose to 43.9% in April. In the first three months of 2005, Fiat Auto had a trading loss of 129 million euros, down from a loss of 146 million euros in the same period a year ago, as significant cost savings and an improvement in the quality of sales partly offset the negative impact of lower sales volume. Financial services contributed a trading profit of 14 million euros (12 million euros in the first quarter of 2004).

Ferrari – Maserati reported revenues of 358 million euros, up 6.5% over the first three months of 2004. This increase reflects higher unit sales by Maserati, which benefited from strong demand for the Quattroporte. Shipments of Ferrari automobiles decreased due to the gradual retirement of the 360 and “Enzo” from the model lineup, offset in part by rising demand for the 612 Scaglietti and the launch of the F430, which generated a remarkable number of new orders. In the first quarter of 2005, Ferrari – Maserati had a trading loss of 37 million euros, attributable to the unfavorable seasonal impact of the costs incurred by the racing operations. The improvement over a loss of 39 million euros in the first three months of 2004 is mainly due to significant progress made in controlling production costs, offset in part by a less profitable product mix, the negative impact of foreign currency translations and higher research and development expenditures.

Agricultural and Construction Equipment

CNH had revenues of 2.3 billion euros in the first quarter of 2005. The gain of 1.6% compared with the same period last year was achieved despite the negative impact of an unfavorable U.S. dollar-euro exchange rate. On a comparable foreign currency translation basis, revenues rose by about 3%. Rising sales of construction equipment and improved pricing account for this improvement.

The global agricultural equipment market showed little growth compared with the first three months of 2004. In North America, demand was up 6% for high-horsepower tractors, while sales of combines were up significantly. In Latin America, the impact of a sharp drop in shipments of combines was compounded by weak demand for tractors. The combine market also contracted in Western Europe, where demand was down for tractors as well, though not as significantly. CNH’s unit sales of agricultural equipment decreased by 4.6%. The decline in shipments of tractors to customers in North America and Western Europe was offset in part by a good performance in other world markets. Unit sales of combines were heavily penalized by negative market conditions in Latin America but grew in Western Europe, yielding higher market share. The overall construction equipment market expanded by 6% compared with the first quarter of 2004. Demand for light equipment was up in all main geographic regions, but the trend was uneven for shipments of heavy equipment. Unit sales of CNH’s construction equipment increased by about 10%. The best gains were achieved in light equipment sold in Western Europe and the Americas and heavy machinery shipped to customers in North and Latin America. In Western Europe, sales volumes held steady.
In the first three months of 2005, CNH earned a trading profit of 124 million euros, compared with a profit of 118 million euros in the same period a year ago. Higher sales prices, increased shipments of construction equipment and lower production costs offset the negative impact of a rise in raw material prices and lower unit sales of agricultural equipment. The financial services contributed a trading profit of 52 million euros, up from 42 million euros in the first quarter of 2004. Commercial Vehicles In the first three months of 2005, Iveco booked revenues of 2.2 billion euros, up 4.8% over the same period last year. This improvement reflects higher unit sales, offset in part by lower shipments of spare parts and a less favorable product and market mix. As explained in the review of Fiat Auto’s results, the correlation between unit sales and revenues is no longer immediate due to the impact of sales made with a buyback contract.

Iveco’s financial services had revenues of 130 million euros, or about 16% less than in the first quarter of 2004. In Western Europe, the overall market for commercial vehicles expanded by 4.5% compared with the first quarter of 2004. The highest growth in demand was for heavy vehicles, with smaller gains for light vehicles. The market for medium vehicles was stable. New registrations increased in all major European markets, with the best gains in France and Great Britain. Only in Italy did demand remain unchanged compared with the first quarter of 2004. Iveco’s share of the Western European market improved by 0.1 percentage point. During the first three months of 2005, Iveco shipped 41,300 vehicles, 2,228 of which were sold with a buyback contract, for an increase of 14.4% compared over the same period last year. A total of 30,500 vehicles were sold to customers in Western Europe, or 12.6% more than in the first quarter of 2004. Sales were up in all segments and markets, with the exception of Italy (-4.3%). In the first three months of 2005, Iveco earned a trading profit of 65 million euros, an increase of 5 million euros over the first three months of 2004. The positive impact of higher unit sales and of the cost reductions made possible by efficiency gains was only partially offset by higher raw material costs as well as increases in R&D expenditures and selling expenses. Iveco’s financial services achieved a trading profit of 5 million euros in the quarter, 3 million euros more than in the first three months of 2004.

Components and Production Systems

In the first quarter of 2005, the Components and Production Systems Business Area reported aggregate revenues of 1.5 billion euros, up 6% compared with the first three months of 2004. During the same period, the Components and Production Systems Business Area earned a trading profit of 29 million euros, compared with 35 million euros in the first quarter of 2004.

A breakdown of aggregate revenues shows that Magneti Marelli’s revenues increased by 12.2% to 966 million euros due to changes in the scope of consolidation. More specifically, this year’s revenues include the contribution of the Electronic Systems Division, consolidated since the second quarter of 2004, and of Mako, a company consolidated as of January 1, 2005. Restated on a comparable consolidation basis, revenues would show a decrease of about 4%, due mainly to a drop in unit sales that mirrors conditions in the automobile market.

Trading Profit/(Loss) Magneti Marelli reported a trading profit of 33 million euros. This amount reflects the beneficial effect of changes in the scope of consolidation and efficiency gains that helped reduce production costs and general and administrative expenses, offset in part by the negative impact of lower unit sales and unfavorable price/cost ratios. In the first quarter of 2005, Teksid booked revenues of 237 million euros, or 5.8% more than in the same period last year. The higher prices charged to offset a rise in raw material costs account for most of the increase.

The Cast Iron Business Unit posted a 2% revenue gain thanks to the higher sales volume generated by noncaptive customers in North America and Brazil. At the same time, the Magnesium Business Unit reported a 14% decrease in sales volume due to lower demand from North American carmakers. Teksid earned a trading profit of 5 million euros, compared with 11 million euros in the first quarter of 2004. While Teksid was able to offset a sharp rise in raw material costs with price increases, the same was not true for the shortfall in sales volume suffered by the Magnesium Business Unit.

Comau’s revenues totaled 316 million euros in the first three months of 2005. The decrease of 9.2% compared with the same period a year ago reflects the transfer to Iveco, Magneti Marelli and CNH of the respective Service businesses in Europe. Excluding these transfers, revenues show a slight gain of 2% compared with the first quarter of 2004, despite a decrease in business volume in North America. Comau’s trading loss widened to 9 million euros in the first three months of 2005 (loss of 8 million euros in the first quarter of 2004), as the negative impact of low prices caused by intense competitive pressure was offset by increasing efficiency and containing contract costs and general and administrative expenses.

Other Businesses

The aggregate revenues generated by the Group’s Other Businesses amounted to 386 million euros in the first three months of 2005, or 17.9% less than in the same period last year. During the same period, the Other Businesses incurred a trading loss of 5 million euros, as against 4 million euros in the first quarter of 2004. Specifically, Business Solutions booked revenues totaling 171 million euros, a decrease of 27.8% compared with the first three months of 2004. Changes in the scope of consolidation (sale of WorkNet) is the main reason for this decline. Restated on a comparable consolidation basis, revenues show a decline of about 13% mainly as a result of a redefinition of the work performed for Group companies. Business Solutions earned a trading profit of 2 million euros, compared with a profit of 11 million euros in the first quarter of 2004. The drop in business volume accounts for this decrease.

Trading Profit/(Loss)Itedi reported revenues of 93 million euros in the first three months of 2005, or 8.8% less than in the first three months of 2004. This decrease is attributable primarily to lower advertising billings, a reduction in promotional programs and a decline in newsstand sales. Itedi ended the first three months of 2005 with a trading profit of 5 million euros. The increase over the 2 million euros earned in the same period last year is due mainly to efficiency improvements.

Significant Events Occurring in the first three months of 2005

On February 13, 2005 the Board of Directors of Fiat and General Motors approved a contract pursuant to which General Motors has agreed to pay Fiat €1.55 billion to terminate the Master Agreement, including cancellation of the put option, the unwinding of all joint ventures and return of GM’s 10% equity interest in Fiat Auto Holdings to Fiat. The settlement will allow GM to continue to use some of Fiat’s diesel technology and to own a 50% interest in the Bielsko-Biala (Poland) plant which manufactures 1.3 litre diesel engines.

Also in February, Fiat announced that the ownership of Maserati, until then wholly owned by Ferrari, will be transferred to Fiat as soon as practicable. The move foresees that Alfa Romeo and Maserati will co-operate closely on technical and commercial matters – particularly in important international markets. Maserati will, however, continue its co-operation with Ferrari – especially in industrial, technical, engine and sales network terms – which has helped re-vitalize the marque.

In March, Fiat, PSA Peugeot Citroën and Tofas signed a cooperation agreement to develop and produce small entry-level light commercial vehicles in Turkey. Scheduled for rollout in 2008, the vehicles will extend the current Fiat, Peugeot and Citroën product ranges, thus providing the right products to meet anticipated changes in the entry-level segment of the European light commercial vehicle market. The three partners’ objective is to design a compact, economical and multi-purpose commercial vehicle.

Also in March, Fiat announced the creation of Fiat Powertrain Technologies, a new industrial unit that will integrate all the Group’s innovation capabilities and expertise in engines and transmissions - a business open to the outside world. The new company will operate in 12 countries with 26 plants and 16 research and development centers and will combine the resources, employees and activities of Fiat Auto Powertrain, Iveco Powertrain, Magneti Marelli Powertrain (including Motor Sport), Iveco Motoren Forschung and the Powertrain research activities of the Fiat Research Center and Elasis. With an annual output of over 2,200,000 engines, some 2,000,000 transmissions, and an extensive range of both power outputs and applications, Fiat Powertrain Technologies will be one of the most significant players in the automotive world.

Also in March, Fiat exercised the put option to EDF for its 24.6% holding in Italenergia Bis and the holding of 14% sold in 2002 to the three banks (Banca Intesa, IMI Investimenti and Capitalia).

Finally, in April, Iveco and Barclays Asset and Sales Finance have agreed to combine their respective strengths by creating Iveco Finance Holdings, a new venture that will provide commercial vehicle financing and leasing solutions to Iveco customers in France, Germany, Italy, Switzerland and the U.K. This transaction further enhances Iveco’s strong commercial offer to its dealers and customers, while freeing approximately €2bn of financial resources which will further strengthen the Group’s liquidity.

2005 Outlook

In Italy, demand for automobiles was down sharply in the first four months of 2005. Given the current expectations of anemic economic growth, a steady increase in fuel prices and the elimination of incentives for cars fueled with natural gas and similar types of vehicles, a turnaround does not appear likely over the short term. For Europe as a whole, the demand picture is equally unfavorable, following a contraction of 3% in the first quarter of the year. The only bright spot among the Group’s main markets is Brazil, where demand expanded by a few percentage points.

Operating in such a challenging environment, Fiat Auto will have to focus on sales to final customers in order to protect its profit margins, looking to its new models to provide the momentum needed for a turnaround. The new Fiat Croma, which has been received favorably in the press, will be on the market in June. It will be followed by the innovative 159 and, in the fall, by the eagerly awaited new Fiat Punto and the exciting Alfa Romeo Brera Coupé 2+2.

Fiat Auto will have to continue to work with great determination to meet the challenge of a competition that shrinking markets are making every day more intense, in order to achieve the stated objective of ending the year with a smaller operating loss, which will also require the implementation of aggressive cost-cutting programs. Programs that Fiat Auto will be implementing during the second quarter of 2005 to reduce general and administrative expenses are expected to generate annual savings of 180 million euros.

The outlook for CNH and Iveco remains favorable. In the markets in which they operate, demand will hold steady or increase slightly, and the recent, comprehensive renovation of their model lines should help them improve their performance and report higher revenues and earnings. The conversion of the Convertible Loan, the completion of the Italenergia transaction and upcoming real estate disposals will strengthen the Group’s financial structure by about 5 billion euros, and significantly improve relevant ratios. With the closing of 2004, the Fiat Group put an end to a period of net losses. Looking forward to 2005, the Group confirms its stated objective of continuing on the road to regaining its strength and expects to report a further improvement in trading profit and to achieve positive net income after unusual items

AS FIAT AUTO ONCE AGAIN STRUGGLED ACROSS EUROPE LAST MONTH, LANCIA CONTINUED IT RELENTLESS UPWARD PATH, WITH SALES 5.8 PCT UP ON LAST YEAR

As Fiat Auto once again struggled across Europe last month, Lancia continued it relentless upward path, with sales 5.8 pct up on last year.

This year is proving a difficult one for car sales in general, with most of the big European carmakers struggling to get anywhere near last year's performance. For Fiat Auto, which is awaiting the arrival of several significant new models including the vitally-important next-generation Punto 'supermini', this spring and summer is all about getting prepared and keeping the sales operation steady.
EUROPEAN SALES: LANCIA UP ONCE MORE

Lancia last month proved to be Fiat's star performer with new registrations up 5.8 pct year-on-year, measured across the fifteen European Union member nations and the additional EFTA countries. 10,502 new Lancias were sold (as opposed to 9,928 in April 2004), a rise of 5.8 pct, which kept their market share unchanged at 0.8 pct.

With the stylish new Fiat Idea-based, Lancia Musa now rolling out swiftly across Europe, to join the hugely popular award-winning Ypsilon, and an Eastern European dealer expansion programme firmly underway, the corner seems to have been turned for Fiat's 'luxury' brand. All this good sales news comes despite Lancia having a lack of exposure to the massive, brand conscious, United Kingdom market. With the exciting new 1.9 M-Jet powered Ypsilon Sport, which was first seen in concept form at the Geneva Salon earlier this year in the pipeline, and plans now being drawn up for an all-new C-segment contender in the Delta mould, Lancia, boosted by the raw sales numbers, can at last plan for its longer-term future, safely assured that it is playing its part in Fiat's revival strategy.

Both the Fiat and Alfa Romeo brands struggled to maintain their market share last month, although with higher margins now being squeezed out of individual sales as Fiat CEO Sergio Marchionne targets turning the focus away from less profitable fleet deals, the figures, bearing in mind that Fiat are awaiting a raft of strategic new models, are regarded as respectable.

Fiat itself registered 60,571 cars in April (down from 72,614 in April 2004) to give them at 4.7 pct market share (down from 5.7 pct in April 2004). Meanwhile Alfa Romeo, with 11,194 new registrations (14,353 in April 2004), lost 22 pct to give them a 0.9 pct market share (1.1 pct in April 2004). With the new Fiat Croma due on sale during the summer, and the arrival of the Fiat Punto, Alfa 159 and Alfa Brera later this year, keeping sales 'ticking over' has been the order of the day.
Overall, combining the three brands, including LCVs, which make up the Fiat Auto Division, 82,768 vehicles registered (97,417 in April 2004) to give the Italian carmaker a 6.4 pct (7.6 pct in April 2004) share of all European sales. Other fallers last month included VW down 2.0 pct, Saab (-5.3 pct), Ford (-7.4 pct), Jaguar (-26.2 pct), Mercedes (-1.9 pct) and of course MG-Rover, which disappeared off the scale as it collapsed in bankruptcy

YESTERDAY FIAT AND GENERAL MOTORS FINALLY DISSOLVED THEIR POWERTRAIN AND JOIN PURCHASING VENTURES, WITH A SEPARATION AGREEMENT THAT WAS SIGNED IN AMSTERDAM

Yesterday Fiat and General Motors finally dissolved their powertrain and join purchasing ventures, with a separation agreement that was signed in the Dutch capital, Amsterdam. All assets and intellectual property have now been returned to their respective owners, GM has paid the final installment due to Fiat, and the Italian firm is free to pursue fresh automotive alliances.
The week also saw Fiat Group shares given a welcome boost after the giant US investment bank JP Morgan announced it was overweight with Fiat shares and gave them an 8.50 euro target.
FIAT AND GM SIGN SEPARATION AGREEMENT

GM issued a statement yesterday confirming that the final installment of US$707.74 due to Fiat had been paid.

The two companies will still retain certain links, with GM continuing to have access to Fiat's leading technology diesel engine range, and Fiat in turn able to call upon a variety of GM's petrol powerplants. Platform sharing will also continue in the short-term, while GM will retain a 50 percent stake in Fiat's Polish diesel engine production plant. Otherwise, the agreement now closes the door on this partnership and leaves the Italian firm free to pursue new arrangements with rival car manufacturer's.

GENERAL MOTORS STATEMENT - 13.05.2005
'Fiat S.p.A. and General Motors Corp (NYSE: GM) today signed in Amsterdam a separation agreement which dissolves the purchasing and powertrain joint venture companies formed in 2000, The statement issued by General Motors read. 'The formal unwinding of Fiat-GM Powertrain and GM-Fiat Worldwide Purchasing was executed as scheduled by Fiat and GM in an earlier agreement.
'According to the Termination Agreement, signed in New York City on February 13th, 2005, GM has completed the payment to Fiat as provided in the earlier agreement. Fiat and GM regain ownership of all assets they respectively contributed to the powertrain joint venture when it was formed. Fiat and GM have also signed cross-supply agreements for engines and transmissions both in Europe and Latin America. The companies also agreed to establish procedures aimed at enhancing the savings on jointly developed vehicle architectures.
'Other ancillary agreements address the joint ownership of intellectual property, for example, the joint ownership of 1.9 liter diesel engine technology. The GM statement then concluded, 'Fiat and GM each maintain a 50 percent interest in the powertrain manufacturing plant in Bielsko-Biala, Poland, which currently produces the 1.3 diesel engine and under a new joint venture agreement the companies will continue to operate the facility as a 50/50 joint venture.'

FIAT SPA STATEMENT - 13.05.2005
'Fiat S.p.A. and General Motors Corp today signed in Amsterdam a separation agreement which dissolves the purchasing and powertrain joint venture companies formed in 2000,' read Fiat's statement. 'The formal unwinding of Fiat-GM Powertrain and GM-Fiat Worldwide Purchasing was executed as scheduled by Fiat and GM in an earlier agreement.

'According to the Termination Agreement, signed in New York City on February 13th, 2005, GM has completed the payment to Fiat as provided in the earlier agreement. Fiat and GM regain ownership of all assets they respectively contributed to the powertrain joint venture when it was formed. Fiat and GM have also signed cross-supply agreements for engines and transmissions both in Europe and Latin America. The companies also agreed to establish procedures aimed at enhancing the savings on jointly developed architectures.

'Other ancillary agreements address the joint ownership of intellectual property, for example, the joint ownership of the 1.9 liter diesel engine technology. Fiat and GM each maintain a 50 percent interest in the powertrain manufacturing plant in Bielsko-Biala, Poland, which currently produces the 1.3 diesel engine and under a new joint venture agreement the companies will continue operate the facility as a 50/50 joint venture,' the Italian firm's stock market statement concluded.
BOOST AS JP MORGAN RATE FIAT SHARES
Meanwhile investment banking giant JP Morgan handed Fiat a timely boost after it post an 8.50 euro target on its share price.

A mid-week statement from the US banking concern, issued shortly after Fiat released their quarterly report, announced that they would be remaining 'overweight' with Fiat shares, with a target price more than three euros above the current price.
JP Morgan were 'impressed' at the important low operating gearing ahead of the planned debut of four important new models this summer, the Fiat Croma and Punto, and the Alfa 159 and Brera. They respected Fiat CEO Sergio Marchionne's clear-cut approach to resolving the carmaker's situation, and for disclosing Fiat Auto's 2005 budget. The bank regarded liquidity as being 'under control' while cash flow was 'on the light side' due to CNH Global, but is comfortably within seasonal trends.

για 'ακμή' τα γράφεις αυτά τα στοιχεία;

FIAT HAS JUST WON TWO UK AWARDS AT THE 2005 FLEET WORLD HONOURS, WITH THE ULYSSE MPV WINNING 'BEST LARGE MPV', AND FIAT 1.3 MULTIJET BEING AWARDED 'BEST ENGINE'

Fiat has just won two UK awards at the 2005 Fleet World Honours, with the Ulysse MPV winning Best Large MPV, and Fiat Auto’s widely acclaimed 1.3 litre 16-valve MultiJet turbodiesel engine being awarded Best Engine in the Commercial Fleet World Honours.
The awards were judged by a panel of experts representing the leasing industry, fleet managers, motoring journalists, residual value guides and both the Fleet World and Commercial Fleet World editorial teams. The judges took a wide range of factors into account, including residual values, maintenance costs, reliability, driver appeal and manufacturer back-up.
Best Large MPV – Fiat Ulysse
Fleet World editor, Ross Durkin, comments: 'Fiat’s Ulysse sits comfortably on any choice list. Its impressive safety features and high levels of both versatility and practicality will be important considerations for those with a family, and they are likely to make up the majority of buyers of a vehicle in this class. Strong demand from the used car market also makes the Fiat Ulysse a popular vehicle with contract hire and leasing companies – an important factor in our decision.'

Fleet industry consultant George Emmerson, adds: 'There is still plenty of interest in larger MPVs and Fiat’s Ulysse is the best on offer. The car has some very clever features and will undoubtedly be close to the top of the list for any driver choosing an MPV. It combines practicality with versatility and the exterior is every bit as stylish as a user-chooser could ask for.'
Best Engine – Fiat 1.3 16v MultiJet
Commercial Fleet World editor John Kendall says: 'Joint power train development from Fiat and GM saw the 1.3-litre common rail MultiJet engine appear in the Fiat Punto car range over a year ago, before becoming available in other models. Now the engine has made its light CV debut in the Fiat Punto JTD van and Doblò Cargo. It’s one of the smallest diesels available in a van. It’s also quiet and delivers surprisingly brisk performance, hand-in-hand with excellent fuel consumption. It has set a new standard for small diesels.'

Χωρις να σε γνωριζω προσωπικα, εχω διαπιστωσει οτι δεν εισαι Ιταλοφιλος.

Μαλλον, εισαι Ιταλοθολος...θολωμενος με τα Ιταλικα. Επειδη και εγω τα λατρευω, με τα όποια προβληματα τους, διοτι η θεση μου δεν μου επιτρεπει να μην βλεπω καποιες πραγματα ή να μην λεω την διαπιστευμενη αληθεια, χαιρομαι που βλεπω ανθρωπους που φανταζομαι ακουνε την καρδια τους και λιγοτερο το μυαλο τους.

Δεν εχω διαβασει ολα σου τα ποστ, και εν τελει, δεν ειμαι στο φορουμ για να κρινω εσενα ή κανενα αλλο.

Το παθος ομως που εχεις, πιστευω απο εμπειρια, μονον οι Ιταλοφιλοι ανα τον κοσμο μπορουν να το εχουν σε τετοιο βαθμο. Προφανως ειναι καποιοι συγκεκριμενοι χαρακτηρες που μπορουν να μεταπηδησουν στο DARK SIDE και να γινουν θολωμενοι Ιταλοφιλοι.

Τις προαλλες, πηγε ενας φιλος στον αντιπροσωπο της Ohlins στην Αγγλια και ξερεις, δεν μιλαμε για μαγαζακι, αλλα πουλανε και στηνουν αμορτισερ για ιδιωτες, μεχρι LeMan αυτοκινητα. Ο κυριος μολις ειχε εισαγει μια Lancia Integrale (Deltona). Στην Αγγλια βρωμαει ο τοπος απο EVO/Subaru....πολυ καλα, και καλυτερα πια, αλλα η γρια η Λαντσια ακομα μετραει και εχει και cult status, οποτε ο κυριος λυγισε. 300αλογα την ειχε την κυρια.

30.000€ κανουν παντως τα λιγα SZ...Σε εφτιαξα Σακη?

Σε καλο να σου/μας βγει.

ΠΜ φωτογραφιες.

FIAT CARS ARE SET TO MAKE THEIR WAY BACK TO THE AUSTRALIA AFTER MORE THAN A DECADE AND A HALF'S ABSENCE AS ATECO AUTOMOTIVE GEAR UP TO RESUME IMPORTS

Fiat cars are set to make their way back to the Australian market after more than a decade and a half's absence, as Ateco Automotive gear up to resume imports.

Seven years ago Ateco Automotive kicked off their Italian connection in Australia with Alfa Romeo, last year they added Fiat's LCV division, and very shortly they will add Ferrari and Maserati. Importing Fiat-badged cars into Australia, adding to their already-running New Zealand operation, will thus complete their burgeoning and growing portfolio of Fiat Group brands, and provide the market with a full range.

Ateco expect to be able cash in on the exciting raft of popular new models that Fiat are now starting to roll out. These are spearheaded by the new Croma 'stationwagon' which made its showroom debut across Europe yesterday, and the next-generation Punto, which is set to be revealed at September's Frankfurt IAA. Both these new models are expected to find favour with Australian car buyers, and Ateco will begin working towards the re-launch by showing them for the first time at next March's Melbourne Motor Show, an ideal opportunity to gauge public reaction. While no firm date for the public introduction has as yet been scheduled, it could actually occur as early as next year, although 2007 is also being considered.
FIAT AUTO - A LONG AND VARIED HISTORY IN AUSTRALIA
Fiat already have a presence in Australia, but it is through their LCV division, also handled by Ateco Automotive. The 2004 Melbourne Motor Show saw the launch of Fiat commercial vehicles into the Australian marketplace with the Ducato, and in the last 15 months it has built on the excellent qualities of the Ducato range to build a healthy order book, helping to cement the LCV division's outstanding results in 2004. Alongside the impending launch of the new Alfa Romeo 159 and Brera, Ateco are justified in looking for further strong growth from their Italian marques.

Fiat passenger cars were last imported to Australia in 1989, the range at the time being comprised of the executive Croma hatchback and Regata saloon and estate. The 1980s were not Fiat's finest hour and at a time when the company was obviously struggling, its cause was not aided by the marque's importer, LNC Industries (previously Lannock Motors) - which also handled Lancia distribution in Australia - making questionable decisions in relation to product and customer service. The annual number of Fiats sold in Australia throughout that decade fluctuated between about 450 and 700 throughout the decade, tailing off dramatically towards the end. It seems somehow appropriate that the number of Fiats sold in the 1989-1990 financial year was 37, compared with 38 Ferraris...

For all that, it was a shame, because the deregulation of the Australian car market opened up new possibilities for European marques throughout the 1990s and into the present decade. PSA Peugeot-Citroen have both undergone dramatic growth in the past decade, as have Volkswagen-Audi, BMW, Mercedes-Benz and Renault (since returning in 2001), helped in no small part by the fashion, especially in the big cities, for anything with a 'Euro' badge on the radiator grille.

The success of Alfa Romeo since its return in 1998 is further evidence of this enthusiasm for prestigious European brands and bodes very well for Fiat's prospects when the re-launch goes ahead.

Despite its 15-year absence, the Fiat marque has a dedicated following within Australia. Although the 124 Spider was never officially imported, examples do reside within the country, and the Coupe variant was well-regarded when new thanks to its combination of superb dynamics and technical innovation, including twin overhead camshafts and four-wheel disc brakes. Although the 127 was less successful down under than in Europe, the 131 Super Brava, 130 Coupe, 850 and X1/9, amongst others, are all fondly remembered by Fiat enthusiasts, a group who between them keep roughly 10,000 examples of the marque on the road.

Since their withdrawal from the market in 1989, rumours of a Fiat comeback have been persistent. A serious bid to return, spearheaded by the Bravo/Brava twins, was made during the mid-1990s, but was scuppered late in the day, as was a more recent attempt to return on the back of the Punto and Stilo Abarth models in 2003, the latter blamed on unfavourable exchange rates.

Interestingly, Fiat have a small but significant foothold in Australia's near neighbour, New Zealand. Like Fiat Australia, Fiat Auto NZ sell the Ducato, but alongside this, their lineup also features the Multipla, Stilo and recently-refreshed Punto ranges. Having also recently launched the Ducato 4x4 at the New Zealand National Motor Show in March, all the indicators point towards Fiat making progress towards building their presence in 'The Land of the Long White Cloud'.

Ο χρήστης 037 έγραψε:
30.000€ κανουν παντως τα λιγα SZ...Σε εφτιαξα Σακη?
Σε καλο να σου/μας βγει.
ΠΜ φωτογραφιες.

Ριξε καμια ματια για 1750 ή 2.0 Gt veloce.......

THE UNIVERSUM GRADUATE SURVEY, CONDUCTED ON A SAMPLE OF GRADUATES FROM EUROPE’S LEADING UNIVERSITIES HAS FOUND THAT FERRARI IS THE COMPANY THAT MOST NEWLY QUALIFIED PROFESSIONALS WANT TO WORK FOR

The Universum Graduate Survey 2005, conducted on a representative sample of undergraduates and new graduates from Europe’s leading universities, and released today, has found that Ferrari is the company that most newly qualified professionals want to work for.
The authoritative Stockholm based Universum Communications has confirmed that business, science and engineering students have once again voted Ferrari as the ideal workplace in Italy. The 3,900 Italian students surveyed evaluated Ferrari as the best company, with regard to salary levels, international career opportunities, challenging roles and in-house training offered to employees.
Ferrari is also very attractive to new European graduates in engineering and scientific subjects too, finishing fourth this year once again, after BMW, IBM and Siemens. Ferrari’s popularity rose amongst business students from Europe’s leading universities, on the other hand, moving up from 26th to 18th place. The Prancing Horse is also the only Italian company to make it into the Top 30 in both ranks.
Ferrari’s positive image comes not only from its outstanding reputation, built through its commercial and racing successes, but also from a series of projects made available from Maranello: from study grants available to new engineering graduates specialising in the area of innovation and research to initiatives aimed at improving the quality of life of Ferrari’s 2,700 workers (average age 36 with 51% of office staff being university graduates). These activities include highly specialised, personalised further training schemes and programmes covering everything from fitness to illness prevention, recreation, culture, computers and foreign language tuition, involving more than 50% of the company’s employees.

Ferrari’s extensive health and fitness programme, run in collaboration with Italian Olympic Committee doctors, includes specialist medical visits at the Company Wellness Centre, preventative medicine initiatives, annual check-ups and a personal trainer fitness programme available from approved gyms.

Two further initiatives have just been introduced: Formula Benessere Donna helps raise women’s health awareness and offers specialist check-ups while Formula Benessere Junior aims to foster an early interest in sport and fitness in our children.

With the Formula Uomo project, which started four years ago, Ferrari reinforced the importance it places on the individual employee for the company, thus confirming how much Ferrari employees believe in the Company’s development and how willing they are to be a part of that process. Following this concept Ferrari built the Wind Tunnel, the Nuova Meccanica (where the engines are assembled), the paint shop, the Logistics department and the Product Development Centre.
A new Company-Employees contract has been signed recently. The contract focuses partly on the attainment of certain sales, efficiency and profit volumes which by the end of 2008 may result in a 15% pay increase per worker on average. In addition to this, however, both the company and the unions have worked out production flexibility arrangements which will mean that the factory responds to market demands in real time (in terms of shifts, holidays and part time working). A programme called “Our Grand Prix” gives to the employees the possibility to find solutions to production problems and give suggestions to improve the quality of their work environment. The approved solutions are then periodically awarded. The contract, which is the result of a 15 month-negotiation (without as much as an hour’s strike time), was approved by 87 percent of Ferrari’s employees. In fact, company climate surveys have also revealed a high work satisfaction level in the region of 70/100.

Ο χρήστης sakiss έγραψε:
THE UNIVERSUM GRADUATE SURVEY, CONDUCTED ON A SAMPLE OF GRADUATES FROM EUROPE’S LEADING UNIVERSITIES HAS FOUND THAT FERRARI IS THE COMPANY THAT MOST NEWLY QUALIFIED PROFESSIONALS WANT TO WORK FOR

The Universum Graduate Survey 2005, conducted on a representative sample of undergra...

Στοιχηματίζω, φίλε sakiss, ότι μια αισιόδοξη εκτίμηση είναι ότι όχι παραπάνω απο 1% των συνφορουμιστών διαβάζει πλήρως αυτά που (αντι)γράφεις .

No offence βέβαια !

Ο χρήστης maxmara έγραψε:

THE UNIVERSUM GRADUATE SURVEY, CONDUCTED ON A SAMPLE OF GRADUATES FROM EUROPE’S LEADING UNIVERSITIES HAS FOUND THAT FERRARI IS THE COMPANY THAT MOST NEWLY QUALIFIED PROFESSIONALS WANT TO WORK FOR

The Universum Graduate Survey 2005, conducted on a representative sample of undergra...

Στοιχηματίζω, φίλε sakiss, ότι μια αισιόδοξη εκτίμηση είναι ότι όχι παραπάνω απο 1% των συνφορουμιστών διαβάζει πλήρως αυτά που (αντι)γράφεις .

No offence βέβαια !

δεν θα μπορουσα να κανω αλλιως απο το να συμφωνισω μαζι σου...

FIAT'S POWERTRAIN 1.3-LITRE TURBODIESEL HAS WON THE 'INTERNATIONAL ENGINE OF THE YEAR AWARD' IN THE 1-LITRE TO 1.4-LITRE CLASS

The International Engine of the Year Awards have i recent years become one of the most sought-after automotive accolades and an effective marketing tool for triumphant marques.

Judged by a panel of renowned motoring journalists from 26 countries as disparate as the USA, Japan, China, Russia, New Zealand, India, Korea, Germany, France, South Africa, and the UK, the Awards highlight and acknowledge underhood engineering excellence. Judges apply their impressions from driving today's latest cars to help them find the powerplants that offer the best driveability, performance, economy, and refinement, and reward manufacturers for the successful application of advanced engine technology.

The Awards are organised by UKIP Media & Events - Automotive Magazines Division, Britain’s largest group of technical car publications that include Engine Technology International, Testing Technology International, Tire Technology International, Electric & Hybrid Vehicle Technology International, Vehicle Dynamics International and European Automotive Components News.

BEST ENGINE 1.0-1.4 LITRE CATEGORY: FIAT 1.3 MULTIJET 16v

Runner-up in this category when it was launched last year, the Fiat-GM Powertrain 1.3-litre turbodiesel has in 2005 taken top honours in the 1-litre to 1.4-litre class. The victory strikes a blow for oil burners in the fuel efficiency battle with hybrids (Honda’s Civic IMA had dominated this category for two years), and is proof of the growing global acceptance of diesel as a fuel of the future.

Fiat-GM’s Polish-built, 1251cc common-rail diesel features the so- called ‘Multijet’ technology that was developed at the Fiat Research Centre. ‘Multijet’ uses electronic control to divide the main injection into several smaller ones to achieve quieter combustion, reduced emissions and increased performance. The system can be applied differently depending on the engine’s requirements at any given moment – for example, to reduce start-up times, provide more torque, or lower noise.

Low weight is a further asset of this 70bhp, 170Nm engine. The use of aluminium in the base and cylinder head helps keep that weight down, thus aiding vehicle performance and handling characteristics.

And it’s compact too: the unit measures just 460mm x 500mm x 650mm, which means it can be installed in a wide variety of vehicles, such as Fiat Panda, Vauxhall Corsa and Suzuki Ignis. This versatility certainly found favour with the judges: “A frugal and agile engine for a wide variety of different cars,” praised Thomas Imhof, while Graham Johnson added, “The Fiat-GM is a very smooth, very quiet diesel application that offers fine driveability and performance, combined with economy.”

International Engine of the Year 2005: 1.0-litre to 1.4-litre category: 1st Fiat-GM Diesel 1.3-litre (Panda, Punto, Lancia Ypsilon, Opel/Vauxhall Tigra, Corsa) 225pts; 2nd Honda 1.3-litre IMA (Civic) 218pts; 3. Peugeot-Citroën/Ford Diesel 1.4-litre (C2, C3, Fiesta, 1007) 138pts; 4th Volkswagen 1.4-litre FSI (Polo, Golf) 94pts; 5th Toyota Diesel 1.4-litre (MINI, Yaris/Echo/Vitz) 50pts; 6th Daihatsu 1.3-litre (YRV, Terios) 49pts.

1.3 MULTIJET 16v - TAKING ON THE EFFICIENT JAPANESE HYBRIDS
Note must also be made of the 'Best Fuel Economy Engine' category where the 1.3 Multijet came home in a very credible third place, beaten only by two genuine electro-combustion 'hybrid' engines from Toyota. The 1.5-litre hybrid unit, as fitted in the award winning Prius, won the title overall, ahead of the Japanese carmaker's 3.3-litre hybrid offering, which came out just 15 points ahead of the Multijet. With Fiat's compact next-generation 'common rail' diesel finishing ahead of a swage of highly regarded 'efficient' engines including Honda's 1.3-litre IMA engine and the Accord's 3.3-litre hybrid unit, it was a resounding all round thumbs up for Fiat's highly efficient, compact and versatile 'baby'.

MASERATI HAS REACHED A SIGNIFICANT MILESTONE IN ITS HISTORY OF CAR PRODUCTION. SINCE THE BEGINNING OF THE NEW COMPANY CYCLE, TWENTY THOUSAND VEHICLES HAVE COME OUT OF THE PRODUCTION LINE

Maserati has reached a significant milestone in its history of car production. Since the beginning of the new company cycle, twenty thousand vehicles have come out of the production line. The new era began in 1997, when historic Modena became part of Ferrari before going back to Fiat earlier this year.
The twenty thousandth Maserati is a Touring Grey Quattroporte, for the US market. The USA is Maserati's biggest market and accounts for 30% of global sales.
Following the excellent results obtained in 2004, 60% up on 2003, with 4,600 cars registered worldwide, the first few months of 2005 have confirmed Maserati's positive sales trend. This solid result was led by the Quattroporte. The car's design and technology, with its Transaxle layout, make it the only luxury saloon to blend elegance and sporty performance.
The Quattroporte's success has been confirmed by the numerous international awards received and commercially its distribution across the world is now complete. Projections for 2005 are for an 80% increase on the 1,900 Quattroporte registered in 2004. Data from the markets in which the Quattroporte appeared at the end of last year confirms this success. Comparing the January-May 2004 period with the same months in 2005, North America has shown a 122% increase, Japan 147%, and Asia, Oceania and South America showed a combined growth of 180%.
Italy has also contributed to Maserati's strong market performance. A 49% growth has been achieved in the last twelve months and the great international success enjoyed by the Quattroporte is confirmed by the 50% market share of this luxury saloon.

The exclusivity of Trident cars, the exciting drive that derives from their technical characteristics and the company's fine tradition, result in Maserati vehicles holding their value much better compared to other models. This pattern has been noted in all the markets where the Trident Marque is on sale.
So, reaching twenty thousand units comes at time of rapid growth for Maserati and is even more impressive as the production results are in line with the commercial returns. As Karl-Heinz Kalbfell, Maserati's CEO, emphasises: 'The success of the Trident marque is linked to the fact that clients can personalise their vehicles down to the smallest detail thanks to the Officine Alfieri Maserati programme, which offers a wide range of combinations and options. The name itself was that of the original Trident company. Our cars are only delivered once they have been test driven and individually assessed to the highest standards'.
Maserati's current commercial success has been based on the intense levels of work carried out over the past few years. Product design and technology, development of the commercial network, state of the art techniques for engineering, production facilities and constant attention paid to all the monitoring programmes have been the focus. This has led to a high quality level and great client satisfaction. It was only in 1998 that Maserati was selling less than 700 units per year and was present in around twenty international markets. It did not have a presence in the all important North American market.
Today’s success comes from the launch of successful new models, the Quattroporte and the GranSport. These were accompanied by limited edition models like the MC12 (50 units) and the Spyder 90th Anniversary (180 units). Also important was developing dealer networks in 56 international markets, including Russia and China. Maserati has directly owned subsidiaries in the main markets and all dealerships are selected using the highest quality standards.
Looking at Maserati’s future, Kalbfell said that: 'The motor industry is highly competitive in all sectors and, as such, is characterised by ever more complex and subtle decisions needing to be made. These call for a blend of experience, knowledge and intuition. These elements are all evident in the Maserati team and are further supported by the real passion displayed for this great marque. This is unique asset and I am convinced that it will help us achieve ever higher goals.'

FIAT AUTO SOUTH AFRICA HAS SECURED ANOTHER NEW EXPORT CONTRACT, WORTH R250 MILLION, FURTHER STRENGTHENING THE ITALIAN AUTOMAKER’S POSITION AS A MAJOR COMPONENT EXPORTER

Fiat Auto South Africa has secured yet another new export contract this year. The deal, which has a potential value of R250 million, further strengthens the Italian automaker’s position as a major component exporter. Another positive spin-off is that it allows Fiat Auto South Africa to be more competitive in the marketplace thanks to the extra export credits that are earned.
Cape-based supplier, Arvin Meritor, has been awarded the contract to supply catalytic converter components (‘pre-cats’ with metallic substrate) for the very latest brace of models from the Fiat and Alfa Romeo stables, namely the Fiat Croma, the all-new Fiat Punto (not as yet released) and the freshly launched Alfa Romeo 159.
The first phase of the programme, which will commence immediately, will see 100,000 of these components being shipped annually to Arvin Meritor’s mother plant located in Germany for sub-assembly, before being dispatched to various plants in Italy.

At this stage the ‘pre-cats’ are used in diesel derivatives only, however, the possibility exists to widen the range of catalytic converter components to include petrol units as well.
Together with the heat shield export deal announced a few days ago, this latest contract ensures that Fiat Auto SA becomes an even more important link in the parts’ supply chain for new and forthcoming Fiat and Alfa Romeo models. From a local perspective, it confirms the active role the company is playing in supporting the development of South Africa’s burgeoning motor industry.

IBM AND FIAT SPA ANNOUNCED YESTERDAY A NEW NINE-YEAR AGREEMENT WHICH WILL RESULT IN IBM TAKING FULL CONTROL OF GLOBAL VALUE, THE JOINT VENTURE OPERATION SET UP FOUR YEARS AGO

http://www.autopress.gr/fnews/show.asp?ID=8760

Αν καποτε η Lancia εβγαζε αυτο εδω

http://img90.imageshack.us/img90/3033/f107zo.jpg

και εκανε τρελες πωλησεις

φανταστειτε μ'αυτο τι θα γινοταν

http://img90.imageshack.us/my.php?image=k21am.jpg
http://img90.imageshack.us/my.php?image=k34nc.jpg

Ο χρήστης LDriver έγραψε:
Αν καποτε η Lancia εβγαζε αυτο εδω

http://img90.imageshack.us/img90/3033/f107zo.jpg

και εκανε τρελες πωλησεις

βάλτο να το δούμε ντε!

(για όποιον ΝΟΜΙΖΕΙ ότι τα μπροστοκούνητα δεν έχουν ψυχούλα! )

ααααααχχχχχχχχχχχχχχχχχχχχχχχ Λάντσια

Το καινούργιο όμως μοιάζει διασταύρωση Aston Martin με Mustang!!!

Ο χρήστης kouk έγραψε:
Το καινούργιο όμως μοιάζει διασταύρωση Aston Martin με Mustang!!!

Μονο που αυτο σχεδιαστηκε το 1994 και αποτελει γνησιο της Lancia