| Fiat in talks with China's Chery |
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| Written by Administrator | |
| Wednesday, 14 February 2007 | |
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Fiat is reported to be in talks with China's Chery Automobile Co. about expanding ties following an engine deal completed late last year. Among the options would be a joint venture in China to assemble Fiat cars, according to industry reports. In October, Fiat signed an agreement with Chery to buy 100,000 engines for cars built in China and overseas. At the time, Fiat CEO Sergio Marchionne said the companies might further expand their cooperation. Marchionne said in recent days that he would announce a new alliance by the end of the first half of the year, but declined to give details. Industry sources said last year that Fiat's car venture with Nanjing Automobile Group had been losing money, even as many foreign carmakers have made solid profits in China. Fiat has also set up alliances with China's SAIC, a unit of Shanghai Automotive Industrial Corp., Severstal Avto of Russia and India's Tata Motors Ltd. |
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