TURIN, Italy (Reuters) - Italy's Fiat (FIA.MI: Quote, Profile, Research) is thinking about creating a new brand for a low-cost car it is developing, according to its chief executive.

"The next brand is going to be one that we develop ourselves," Sergio Marchionne told an automotive congress held in Turin, an industrial city in northwestern Italy.

In light of the success enjoyed by France's Renault (RENA.PA: Quote, Profile, Research) with its Logan and the global media attention won by India's Tata Motors (TAMO.BO: Quote, Profile, Research) for its upcoming Nano, Fiat and other manufacturers are working on their own cheap cars.

"The market has the space for what I consider a true value-for-money car," he said.

Marchionne said Tata, Fiat's Indian partner, could have a role in the creation of the new brand.

Fiat would take a decision in the next 12 months, he added.

ALFA IN AMERICA

Marchionne reiterated his intention to make Alfa Romeo cars in North America, though he had yet to decide where and when.

Fiat has sold its limited edition 8C Competizione car to U.S. customers but it has yet to return to the country with a full product range. It also has a presence through luxury sports car brands Ferrari and Maserati.