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Old 10-31-2006, 07:52 AM   #1
NYCshopper
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Default Fiat may team up with Chrey to make cars in China

Fiat may team up with Chrey to make cars in China

http://auto.2456.com/eng/marketnews/...53299&ptid=529

Quote:
Italy's Fiat and China's domestic carmaker Chery may form an alliance to build cars for the Chinese and other markets, according to a report from Reuters yesterday.

The news agency quoted a senior Chery executive, who declined to be named, as saying, "We have talked with Fiat about cooperation. One option is for Chery to make cars using Fiat's technologies, and the models would be sold anywhere."

Sergio Marchionne, CEO of Fiat Group, said they are open to cooperation with other industry players. He also revealed that the company's joint venture with Nanjing Auto would start making money from next year, after breaking even this year.
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Old 10-31-2006, 08:24 AM   #2
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http://www.detnews.com/apps/pbcs.dll...DATE/610310425

Fiat Auto, Chery Automobile sign production agreement

Quote:
MILAN, Italy -- Italian automaker Fiat Auto and China's Chery Automobile Co. Ltd. announced Tuesday that they have signed a memorandum of understanding to supply gasoline engines for Fiat cars produced both in and out of China.

The two companies said they expect an annual supply exceeding 100,000 1.6- and 1.8-liter gasoline engines. Fiat SpA CEO Sergio Marchionne said the cooperation could be extended to powertrains and other automotive sectors.

"The agreement with Chery will give us the opportunity to further increase the competitiveness of our product range on the international markets," Marchionne said in a statement. "Chery is a young and modern company with a solid technical background and I am glad to welcome this further step in our strategy of targeted alliances."

The deal is expected to be finalized before the end of the year. Financial terms were not released.

Marchionne has made alliances with other automakers and auto sector suppliers one of the hallmarks of his turnaround of the automaker, choosing alliances that allow Fiat to share costs while expanding into markets where Fiat has a little or no presence.

Fiat has unveiled a series of commercial alliances this year, including with SAIC of China, a unit of Shanghai Automotive Co., Severstal Avto of Russia and India's Tata Motors Ltd. In Europe, Fiat is sharing a platform with Ford Motor Co. on which Fiat will produce its new 500 and Ford its new Ka.

Fiat last week posted its fourth-straight quarter of profit, breaking a 17-quarter run of losses.
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