Fiat CEO Marchionne to Announce 2013 and 2014 Forecasts on October 30.

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CEO Sergio Marchionne will make a major announcement on October 30 about the future of Fiat and ChryslerChryslerUnited States of America, 1925 > present70 models
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that will include forecasts about the company's sales in 2013 and 2014. 

"We will be updating our forecasts for '13 and '14 as a consequence," said Marchionne. 

Marchionne will likely announce lower sales than originally expected for Europe. Fiat has also canceled plans to spend €20 billion to boost Italian production because there is not enough demand. 

However, Fiat will likely announce plans to purchase 3.3% more of Chrysler from the United Auto Workers' voluntary employees beneficiary association, which funds healthcare for the union's retirees. The fund holds 41.5% of Chrysler stock. The two sides are in negotiation over what the stock is worth. Marchionne wants to pay less than €200 million.

"When we signed the damn thing in 2009, it was clear. Today, now that things have changed and we're making some money, it's incredible how differences of opinion arise," said Marchionne. 

Fiat plans to buy another, smaller share of Chrysler from the UAW in January. 

Source: Automotive News Europe