20.11.2003 FIAT CEO GUISEPPE MORCHIO REFLECTS ON THE FIAT PANDA WINNING 'EUROPEAN CAR OF THE YEAR'

Statement by Guiseppe Morchio, Chief Executive Officer, Fiat Spa: "The Fiat Panda has been elected "Car of the Year 2004" and I would, first of all, like to thank the jury, made up of 58 automotive journalists from 22 European countries, for having assigned the most important prize in the automobile world to our new model.

"The prize won by the Panda is particularly important for us. On the one hand, it is a proof that Fiat is capable of designing and manufacturing beautiful and innovative cars; on the other hand, it rewards the hard work that the company is carrying out to strengthen and relaunch all of its operations.

"The appreciation received from the press and the enthusiastic response shown by the public not only for the Panda but for all the cars presented in these recent months are a confirmation for us that the albeit difficult long road to recovery we have taken is the right one.

"The Plan launched in June and the increased pace at which new models are being introduced are starting to produce the first benefits, both on the Company's bottom line as well as on Fiat Auto's market positioning.

"All the people at Fiat deserve the credit for these achievements and I wish to thank them because they kept on working with intelligence and determination throughout this challenging period. This most prestigious prize being awarded to the Panda is a reward that the outside world has recognized in them their professional and technological skills. It is a stimulus that shows we can and will do better."

FIAT PANDA: FULL DETAILS & TECHNICAL SPECIFICATIONS
FIAT PANDA: HIGH RESOLUTION IMAGES ON THE ROAD