Faced with runaway losses at its cornerstone Fiat Auto division, Fiat S.p.A. is slashing the automaker's new-product programs in a bid to conserve cash, according to sources inside the company.
The cuts, including a small minivan that many executives consider essential to the turnaround, have created a deep split between the group and Fiat Auto, these insiders say.
``Urgently needed projects, which through simultaneous engineering would be easily possible and affordable to carry out, are simply canceled to save some pennies on today's balance sheet,'' said a senior executive who asked not to be identified.
The insiders say Fiat will report a …
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