Fiat targets long-term growth

Fiat Auto SpA is undertaking an aggressive growth strategy targeting sales of 4 million vehicles per year by 2008, says Chief Executive Roberto Testore. Fiat currently sells about 2.5 million vehicles annually worldwide.

Mr. Testore says Fiat is working on a plan to enrich its volume brands — Alfa, Lancia and Fiat — as well as pump up its commercial vehicle operations.

Key to Fiat's growth strategy is the new 3- and 5-door Stilo that replaces the Bravo/Brava and reportedly is being counted on for sales of 350,000 units in 2002 and 400,000 annually by 2003. Fiat is expected to launch 19 new models over the next four years at a cost of roughly g14 billion ($12.7 billion), shifting its lineup to a more profitable mix from about 74% subcompacts to just 46% by 2006.