Fiat to launch five new models by 2016

Italian car maker Fiat has announced in a release that it will launch five new models within the next two years, with the aim of boosting profitability across the EMEA (Europe-Middle East-Africa) region.

According to Reuters, the Italian company headquartered in Turin has specified that it is preparing four new models to add to the Fiat 500 family as well as a new version of its Panda model.

Alfredo Altavilla, the Fiat Group's head of the EMEA region, said that Fiat was going to finalize a significant project with a Russian partner within the next few weeks, but he did not reveal any details.

The Italian manufacturer and its competitors have seen a decrease in activities due to recession in the European automobile market, where sales fell to the level from the early 1990s.