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Fiat Chrysler reviews Italy plan after new taxes on polluting cars

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Mike Manley, CEO of Fiat Chrysler Automobiles (FCA), and FCA Chairman John Elkann (R) speak next to a 2019 Ram Heavy Duty Power Wagon pickup truck at the North American International Auto Show in Detroit, Michigan, U.S., January 14, 2019. REUTERS/Rebecca Cook

DETROIT (Reuters) – Fiat Chrysler (FCHA.MI) is reviewing its 5 billion euro ($5.74 billion) investment plan for Italy after the country approved measures slapping taxes on the purchase of larger petrol and diesel cars, Chief Executive Mike Manley said on Monday.

“It certainly means it needs to be reviewed again. It’s being reviewed at this moment,” Manley told journalists on the sidelines of the Detroit auto show. “Until that review is finished I can’t comment any further.”

The chief executive, who took over the helm at the world’s seventh-largest carmaker last year after the sudden death of industry veteran Sergio Marchionne, also said that Fiat Chrysler’s robotics business Comau and castings firm Teksid were not for sale at the moment.

“I’m focused on building value in those businesses. If I’m able to do that, that’s going to give me options in the future,” he said.

Reporting by Nick Carey, writing by Agnieszka Flak

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