Fiat CEO Sergio Marchionne said his company would announce its plans for the car factory in Kragujevac by the end of December.

'We thank President (Boris) Tadic and his administration for the continued support they have provided and for having shown patience in allowing Fiat to finalize its findings, which are expected to be announced by the end of next month,' said Marchionne in a statement.

The CEO of Fiat said that the company worked diligently on the development of Fiat's project in Serbia and confirmed its strategic intent concerning investments in Serbia.

Based on Fiat's findings to date, the vehicles made in Serbia could find multiple allocations, including Western and Eastern Europe, Russia and North America, Marchionne added.