No dividend from Fiat in 2003

Italian car maker Fiat has said it will not be paying out a dividend to investors this year, after posting a $4.6bn loss in 2002 [Mar 20]. A recent post board meeting statement reads: "Due to this negative result, no dividend will be distributed for the 2002 fiscal year."

Mar 28, 2003, 12:02 PM

Once Europe's largest car manufacturer, Fiat is looking to cooperate with other global enterprises to ensure its long-term future. US motoring giant GM, which owns 20 percent of the Italian company, already operates joint purchasing agreements saving both companies as much as $300m in 2002 alone.

According to the Financial Times, this figure is expected to rise considerably in 2005, when several new models from both companies will share engines, gearboxes and platforms.

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