Need for speed

Fiat, the Italian automaker climbing into Chrysler, sent another shudder through the calamity-hit industry. It slashed its profit outlook by a third while debt ballooned. The lurch in fortunes of the group – up until now one of the sector’s few success stories – underlines the industry’s need to cut capacity and consolidate. Conveniently, Fiat’s Canadian-Italian boss, Sergio Marchionne, is best placed to make it happen. To his credit, last year still managed to be Fiat’s best ever. Operating pr...