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VENICE, Italy, June 22 (Reuters) - The core car division of Fiat (Milan:FIA.MI - News) is sticking to its existing financial targets, which include a return to operating breakeven next year, Fiat Auto's chief executive said on Tuesday.

Members of the new management team at Fiat have said the company's turnaround would be accelerated, leading to some speculation that fresh targets might be announced.

However, Fiat Auto Chief Executive Officer Herbert Demel said the arrival of Luca di Montezemolo as Fiat chairman and Sergio Marchionne as group chief executive three weeks ago did not mean that new targets would be announced.

"People can change but our targets don't. The targets remain the same and we are working toward them. We don't expect any changes to our targets," Demel said on the sidelines of a presentation of the new Lancia Musa car.

Demel also said he did not think a reorganisation of the European businesses of partner General Motors Corp. (NYSE:GM - News) would have any effect on Fiat.

"We don't expect any impact on our joint ventures," the Austrian executive said.

GM last week concentrated power at units Opel, Vauxhall and Saab at its regional headquarters under a beefed-up management team. It also refused to rule out layoffs or other steps to help restore profits.

Fiat and GM have two key, cost-saving joint ventures in developing car-building platforms and buying parts.

Full Story HERE
 
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