Mere months after unveiling the first of a wave of new products meant to transform Italy’s Alfa Romeo into a major global brand, parent Fiat Chrysler Automobile’s CEO Sergio Marchionne concedes the ambitious plan is “not achievable,” at least as planned.
The target was to boost sales to 400,000 by 2018, a nearly six-fold increase from the 70,000 Alfa products sold last year. To get there, FCA was planned to invest about $6 billion to roll out eight new models, including the Giulia sedan it unveiled over the summer. But the maker is now re-thinking that strategy, in large part due to the slowdown in car sales in China, which was expected to become a major market for Alfa Romeo.
“The expectations of volumes (for China) out of the total pool of 400,000 cars are, I think, given current market conditions, not achievable,” Marchionne told Wall Street analysts.