Fiat In need of an overhaul

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Derek Ferguson
Morgan Stanley

Since GM and the put option, focus at Fiat should now return to questions about medium-term financing and the prospects of turning around Fiat Auto. An inability to reduce capacity remains the biggest problem, in our view. Progress on reducing losses has been painfully slow and 2006’s breakeven target currently looks out of reach. New CEO Sergio Marchionne plans to accelerate the improvement in 2005

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