On June 5th Paolo Fresco, chairman of Fiat, Italy's largest industrial group, will sit before its annual general meeting to an-swer shareholders' questions. The occasion, rarely easy, will be more fraught than usual. Since the group's announcement on March 13th of a joint venture in the car business with General Motors (GM), investors have questioned Fiat's future. If it can no longer compete by itself in cars, where is it hoping to compete? Should it be thinking of quitting the car business altogether?
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