Fiat Group CEO Sergio Marchionne (above at the Geneva Motor Show earlier this month) has expressed himself to be more upbeat now about the short-term prospects for the auto industry and foresees signs of recovery this year.

Fiat Group CEO Sergio Marchionne has expressed himself to be more upbeat now about the short-term prospects for the auto industry and foresees signs of recovery this year, while also sticking to Fiat's full year targets. His comments to journalists came earlier today during the annual general meeting of SGS Group, the world’s leading inspection, verification, testing and certification company, of which he is Chairman.

“The recovery process has started," Marchionne told journalists, reported Automotive News Europe. "The worst of the global financial crisis is over, but the consequences remain. After the storm is over, you can start cleaning up."

Marchionne reckons that the United States' economy will start to grow again in the second half of this year although recovery in Europe will lag further behind. "Europe will be slower, the first signs will start to appear at the very end of this year. In Europe, I am worried about national protectionism, particularly on the industry side, which slows the recovery process."

He foresees the United States recovery based on what he has picked up during the meetings he has attended in Washington with the US Treasury Department over the proposal to take up a stake in Chrysler in exchange for access to the Italian firm's technology and platforms. "I had the chance to talk twice with the U.S. President’s automotive task force at the Treasury Department and I saw a strong determination to find feasible solutions," ANE reported him as saying and adding that he expects Asia to start to rebound after the United States.

The Italian-Canadian CEO was very positive about the Fiat Group being able to adhere to its full year financial targets, reconfirming the 1 billion euro full year trading profit that he has already set. However he sees the first quarter of this year being "structurally weak" for the Italian carmaker. Last year Fiat Group posted a full year trading profit of 3.4 billion euros; however since then the global economic downturn has caused new vehicle sales to plunge and has changed the face of the auto industry.