The disasterously performing auto division posted a €334 million loss, almost double the last quarter's €180 million loss.

Further problems surround a jump in the group's net debt, which is now well above the €3 billion level limit obligation that Fiat gave to the banks who loaned it €3 billion last summer.

The Toro, Fidis and Avio divisions are expected to raise over €6 billion when cash from their sales rolls in, while CEO Guiseppe Morchio is confident that the costs in the auto division can be still significantly cut, particularly through further partnership with GM.

Meanwhile Fiat increased its share of the sliding Italian car market in April, up to 28.8% from 28.0% in March. However the 182,850 new registrations was down 5.8% year-on-year, the fall attributed to an ending of new car tax incentive schemes.