Just like most other car manufacturers, Fiat is looking at cutting down jobs. Unless the Italian government steps in and helps them, as many as 60,000 jobs might be cut.

Negotiations between the unions, Fiat and the government have started already. Since the crisis hit, the profits of Fiat dropped by 70% in the last quarter of 2008 and they predict that it will go down for another 20%.

Let’s see how the Italian group will react to these results, this considering there’s no light at the end of the tunnel for most car brands; let’s just hope a merge won’t ruin everything they’ve been working on lately.

About Fiat: (Recent News)

Fiat, ranked number 4 in Europe for most cars sold, in the month of January, with 79.040 models. This means that it managed to outperform Renault and General Motors. However, the crisis did show its teeth, and Fiat’s production went down in the first month of the year by 26.4%.