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Fiat chief pledges to keep Alfa Romeo brand

Fans of Alfa Romeo sports cars cheered the news on the Thursday when the automaker's leader told investors the company was doing well financially. That means devotees of the classic models could continue to find their favorite cars for lease, despite slow sales for many other brands in the past year.

Sales for the third quarter are going so well that the company may raise its annual profit estimate for 2010, Sergio Marchionne, the CEO of Alfa's parent company, Fiat, told the Reuters news agency.

Fiat, which also owns 20 percent of the American firm Chrysler, plans to build on its status as the largest car maker in Brazil and fifth-largest in Europe. The company hopes to leverage its strength in those regions to support its different car brands.

Marchionne specifically denied rumors that financial pressure from the global economic recession could force Fiat to sell its Alfa Romeo division to another car maker, such as Volkswagen.

"I said I will not sell it," Marchionne told reporters. Fiat is doing "quite well" in its third quarter results, and the company could use that solid performance as a springboard for greater sales in 2011."You needed a period to restablish a base for growth," Marchionne said.ADNFCR-3075-ID-19933145-ADNFCR

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