Marchionne: Chrysler and Fiat will reach sales goals

With the addition of Chrysler, Fiat S.p.A. will reach its goal of selling 5.5 million to 6 million vehicles, according to CEO Sergio Marchionne.

Marchionne considers 6 million cars a year critical for an automaker’s survival. Fiat and Chrysler currently have total sales of up to 4.2 million units.

Speaking today at the International Auto Show in Frankfurt, Marchionne also said the restructuring of Chrysler has been tougher than he expected but he still sees significant improvements next year. Marchionne also said Chrysler will present a five-year business plan in late November. Marchionne said the plan would identify milestones, share numbers and demonstrate the direction the company will take to correct years of neglect. Marchionne added he and his staff were surprised to find how little had been done at Chrysler during its time as part of Cerberus Capital Management.

“We have to be absolutely clear about what we want to do with Chrysler and as a management team, where the organization is going to be in five years,” Marchionne said.

Marchionne said Fiat still has no plans to invest in Chrysler and hoped the company would not need to seek outside capital for Chrysler’s restructuring. He did warn that there could be more cuts in the future if the U.S. market remains stagnant.