According to Fiat - Company must finish recovery plan before new challenge

MILAN -- Fiat's CEO Sergio Marchionne says he must "finish" his recovery plan for the auto group before taking on new (UBS)challenges.

"Certainly I would like to get my hands dirty ... when there are problems..." he said." But as for new challenges, "I have to finish making Fiat healthy again before launching afresh", he said.

Earlier Fiat had reacted negatively to the speculation that Marchionne would become UBS chairman, given his track record in turning round Fiat and boosting its finances.

Marchionne said he does not see a big push for hybrid-powered motors, given that costs will be high. In the meantime, small engines are the "only credible way" of rapidly reducing carbon dioxide emissions. But in the long-term, however, "hydrogen fuel can be a solution, once the technology makes commercial sense and safety risks are overcome," he said.