FIAT BOSS Sergio Marchionne has ruled out listing Fiat Auto on the US stock market, an option that Fiat considered earlier this year when it was hoping to take over carmaker Opel.
Marchionne also said Fiat would present a new business plan by the end of the first quarter of 2010.
A listing of Fiat Auto "will be done when it is the time [ to do it]. It is not the right time [ now]", he told reporters.
Asked about consolidation in the car-making sector, Marchionne said that mergers would continue, but that they would require that management understood another country's culture in order to be successful.
"If we are able to do that, the era of mergers will continue. But they will be different mergers; they won't be about domination, but about industrial entities that need to come together."
Marchionne also said that General Motors' decision to keep its European unit Opel was "totally justified".
Marchionne, also outgoing non-executive vice-chairman at UBS AG, said he believed the bulk of the Swiss bank's problems had been resolved.
"Not all, but the major part of the problems have been resolved," he said.