Record Loss For Fiat In 2002

2002 results were the worst-ever in Fiat’s history. The group posted a net loss of 4.3 billion Euros (2001: – 791 million).

The auto division lost 1.3 billion Euros (2001: – 549 million) and Fiat announced that it would refinance the auto division to the tune of five billion Euros. A three billion Euros increase in capital would subscribed immediately but it was not made clear whether the remaining two million would come from a rights issue, or whether General Motors would be asked to contribute.