Fiat's share of its crucial Italian car market fell to a historic low of 27 per cent in June as sales at the struggling Italian automotive group dropped more sharply than those of rivals.
Fiat blamed the decline yesterday on the recent introduction of restyled models. Buyers have shunned the older versions to wait for newer ones.
Fiat, which had a market share of 28.7 per cent in June last year - and 34.2 per cent two years ago - does not expect sales to pick up significantly until new models roll out in the fourth quarter of this year.
The slide puts more pressure on Mr Giuseppe Morchio, chief executive, to implement an industrial plan that has received a tepid response from analysts.
Next Monday, Mr Morchio begins a roadshow to convince institutional investors to partake in the company's €1.8billion rights issue.
The presentation is also designed to convince investors in Ifil and Ifi, holding companies controlled by the Agnelli family, that they should adhere to capital increases at those two groups. - (Financial Times Service)
