Fiat has reportedly decided to wait for 'a more propitious time' to launch its 2009 product line. Only the Fiat 500 convertible will come out on schedule. The company is also shutting down its Italian factories from now till January 12, citing slow sales, Agence France-Presse reported today. Among the models that won't come out on schedule: the Alfa Romeo 149.

Chairman Luca Cordero di Montezemolo was quoted by AFP as saying, 'What's the point of making the most beautiful car in the world if no one is going to buy it from you?'

Earlier this week, Fiat Group was reported to be in talks with French automaker PSA Peugeot-Citron about a possible merger.