MILAN -- Fiat said on Tuesday it did not plan another capital increase to fund the Italian industrial group's turnaround but did not deny that its new chief executive would lower its recovery targets.
La Repubblica newspaper reported that CEO Sergio Marchionne could cut targets set by his predecessor because they were too optimistic and because the core carmaking division had been set back by a strike at one of its plants.
The report also said Fiat needed an extra 2.5-3 billion euros to fund its turnaround plan, which sees the group breaking even at operating level this year and Fiat Auto hitting breakeven in 2005.
"Marchionne will present all the information on how the group is doing and our forecasts for the future next Monday," Fiat said in a statement.
"There are absolutely no capital increases expected to sustain the development plans for the company," it added.
Fiat's top managers are due to meet analysts on Monday, July 26 in the afternoon. Earlier that day, Fiat's board is due to approve second-quarter results.