Report: Fiat has no need to find an Asian partner
By Andrew C., 26 Aug, 2010. 0 Comments
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Fiat S.p.A. is not interested in finding an Asian partner to match recent tie-ups by European competitors with Japanese car makers, its chairman Luca di Montezemolo said. Fiat's alliance with Chrysler Group is also aimed at Eastern markets. Montezemolo said that it will get a hold of China authorities to ask for help on how to market the Jeep in China. Montezemolo warns that this is a time to be careful and not take on too much especially after Fiat entered a deal to take a 20 percent stake in Chrysler.
It is notable that several Asian car makers have secured several deals recently with other producers. The recent developments include Volkswagen AG's agreeing to buy a 19.9 percent stake in Japan's Suzuki Motor Corp. for $2.5 billion and last Monday's announcement that Beijing Automotive Industry Holding Co.(BAIC) has bought some Saab assets.
In addition, Fiat is building a plant in China with Guangzhou Automobile, China's sixth-largest auto producer and has a joint venture with India's Tata Motors. Under Fiat CEO Sergio Marchionne's goal for a turnaround of Chrysler that was presented last October, the Jeep will be one of its international brands.
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