Fiat has delayed the launch of the third-generation Panda following CEO Sergio Marchionne's latest investment freeze. The new Panda will now not be launched until 2012, according to Automotive News Europe.

The model was originally slated to arrive this summer, but has now been delayed twice. It was first put back to September 2011 after Marchionne initiated a 15-month spending freeze.

Read more about the first spending freeze

The first freeze ran from October 2008 to December 2009 and saw the delay of the new Panda, the Alfa Romeo Giulietta and a replacement for the Lancia Ypsilon.

In a telephone conference with financial analysts at the time, Marchionne said launching any major new models last year in the middle of the global financial downturn would have been a “waste”.

Read Autocar’s first drive of the Fiat Panda 100HP

“That's the reason why I think we intelligently postponed a number of our programmes to make sure that it coincided with what I consider to be a structural recovery in demand in 2011 and later years,” he said.

The Lancia Ypsilon supermini will also be delayed again, as will replacements for the Fiat Musa and Multipla MPVs.

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