Fiat to send 59,000 workers on compulsory holidays until Jan. 12
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Italian car manufacturer Fiat will send 59,000 employees on compulsory holidays until January 12, broadcaster CNNTurk reported on Monday (UPDATED)
Fiat has taken the decision to send 59,000 employees on compulsory holidays until January 12 in response to falling demand, broadcaster CNNTurk reported.
Top European car makers warned of a bleak 2009 as signs grew the deep crisis in the auto sector went far beyond the U.S industry's life-or-death struggle.
Fiat head Sergio Marchionne, who last week predicted only six carmakers would survive in the long run from the current 50, said in La Repubblica that 2009 would be the most difficult year he had ever seen in his life.
Milano Finanza newspaper said Italian Prime Minister Berlusconi and French Present Nicolas Sarkozy discussed a tie-up of Fiat with Peugeot Citroen, which would give them critical mass.
The heads of Renault-Nissan and Fiat had earlier said the car market would decline further next year after steep sales drops pushed the U.S. Big Three to ask for the bailout that was rejected by Congress and prompted White House action.