Marchionne May Shutter Italian Factories If They Can't Compete With US Facilities

Fiat SpA may shut two of its five car factories if it can't produce competitively in Italy and export vehicles to the United States.

Sergio Marchionne, chief executive officer of Fiat and Chrysler Group LLC, told newspaper Corriere della Sera in an interview that the company must take advantage of a revived U.S. car market since the outlook for the European business is bleak.

"We have everything needed to seize the opportunity to work competitively also for the U.S. market," Marchionne was quoted as saying. "If it doesn't happen, then we will have to close down two of the five plants." His comments were confirmed by a spokesman for Turin-based Fiat.