Fiat boss confirms targets

Fiat chief executive Sergio Marchionne has confirmed the carmaker’s 2011 targets “for now”. Speaking at a conference in Italy yesterday, Marchionne said that Fiat’s domestic market was at its lowest since 1996, and that the stock's underperformance had nothing to do with the costs of refinancing the carmaker’s big debt. The shares have lost 43 per cent so far this month but rebounded more than six per cent yesterday in line with those of other European carmakers, helped by better-than-expected US economic data.