The Fiat Automobili Srbija (FAS), the Kragujevac-based joint venture of the Serbian government and the Italian Fiat Group, will launch production of a new model late in 2011 and invest about EUR 700 million in equipping of new production plants, it was stated at the round table on the role of the partnership with Fiat in the social and economic growth of Serbia.

The total production of about 200,000 vehicles and a profit of one billion euros are expected in 2011.

FAS CEO Giovanni de Filippis said that the company plans to launch production of the new model by the end of 2011, which implies that the majority of investments will be realized in this and the next year, but did not want to give more details on the new model.

We intend to establish full capacity output by the end of next year. We have not changed the amount of investments that are planed to be realized.

There is no news concerning the issue, we have announced several times so far that about EUR 700 mil will be invested and I can confirm that, Filippis said at the round table organized by the Ministry of Finance and the National Alliance for Local Economic Development (NALED).