Fiat posted a record loss on Friday and unveiled plans to shore up its carmaker's finances with 5 billion euros, but questions immediately arose as to what part, if any, General Motors GM.N would play.

Fiat's net loss gaped to 4.26 billion euros in 2002 as Fiat booked more than 3 billion euros of one-offs to round off the industrial group's worst-ever year and clear the decks for new management who took over on Friday.

Once Europe's biggest carmaker, Fiat was forced to sell assets and lay off some 15,000 workers last year as sales of its outdated models slumped and its car arm bled cash, dragging Fiat Auto to a record operating loss of 1.35 billion euros in 2002.

High cash burn at Fiat Auto has required it to beef up its capital twice in the last year, and on Friday Fiat said it would find another 5 billion euros for the maker of the historic Cinquecento, which should keep it going until 2005.

Three billion euros would come immediately by cancelling loans owed by Fiat Auto to other Fiat units -- a method Fiat used to boost its capital by 2.5 billion euros late last year -- and the full amount should be found within 18 months.

Car sales at Fiat Auto fell 11 percent last year, pulling revenues 9.4 percent lower to 22.15 billion euros. The whole insurance-to-energy group posted turnover of 55.65 billion euros -- about 5.4 percent of Italy's gross domestic product.

Net debt stood at 3.8 billion euros at the end of 2002, and Luppi reiterated Fiat had met a target set by creditor banks to cut it to less than 3.6 billion euros by early 2003.

Fiat sold several assets, including its almost 6 percent stake in GM, late last year to reduce debt, but it took a capital loss of 500 million on the sales.