Marchionne and Elkann hail Fiat five-year plan to employees

'Beginning of an evolutionary leap'

(ANSA) - Turin, May 7 - The chairman and chief executive of Fiat Chrysler Automobiles (FCA) on Wednesday hailed a 5-year industrial plan as a "breakthrough" in a morale-boosting letter to employees after the plan met grim market reception for being overly ambitious. "This is a courageous, breakthrough plan. It is a plan that speaks of commitment and ambition for Fiat and Chrysler automobiles in the world," wrote Chairman John Elkann and Chief Executive Sergio Marchionne in a letter to the group's 300,000 employees. "It is the beginning of an evolutionary leap," they continued.

Shares in Fiat Chrysler Automobiles (FCA) fell dramatically Wednesday, losing 11.69% in heavy trading one day after the company outlined a five-year business plan that included a goal to boost vehicle sales 60% by 2018 and plough 48 billion euros into research and capital investments. The company also announced losses in the first quarter.

The two executives called employees "protagonists" of the company's future and invited them to watch a video of the presentation of the plan. "There are moments in the life of an individual, just as there is in an organization, that push the adoption of a different perspective on oneself and one's future. They give you the strength to change your life in a radical way and improve it," they wrote.