Fiat increases its investments, aiming to compete German automakers

Article by Christian A., on November 27, 2012

While the Fiat-Chrysler name is typically associated with its CEO Sergio Marchionne, what his boss John Elkann announced on October 30 about the fate of its European investments was met with plenty of undivided attention. Fiat will be increasing its investments by nearly 50% within the next few years to a total of 16 billion to 18 billion euros, or about $20 billion to $23 billion.

The automaker will spend billions to retool its five underused Italian plants and to promote its Maserati and Alfa Romeo brands, with highly respected names but imperfect reputations to go up against Germany’s three huge automakers: BMW, Mercedes-Benz and Audi. John Elkann is the 36-year-old scion of the Agnelli clan from Italy who founded Fiat.

About 10 years ago, he was named Fiat vice chairman of Fiat. He was named chairman in 2010. The young heir was forced to be the leader of a corporation after a family tragedy. But he now asserts himself. Many said that when Fiat acquired a controlling stake in Chrysler in 2009, it would not remain tied with the difficult economy in Italy. But Elkann did just that with its huge investments for Europe.

Topics: fiat, investment

If you liked the article, share on:

Comments

Recommended

A lot of us know Singer Vehicle Design and their signature work of reimagining Porsche 911s, and making them look like hot rods from the 70s. They are not alone...
by - August 20, 2017
August 17, 2017 is a sad day for the Dodge Viper, its fans, enthusiasts and its admirers. It is the day when the last Dodge Viper rolled off the assembly...
by - August 20, 2017
A few months ago, Mercedes-Benz promised that they will be treating everyone to a “big surprise” during the Monterey Car Week. And true enough, many of us were stunned as...
by - August 19, 2017
McLaren has already shown some interest in electrifying their models. And initially, we thought that they will just use hybrid systems to use across their current lineup. Nevertheless, we have...
by - August 19, 2017
Fifty years after its glorious victory at the 24 Hours of Le Mans, Ford launches the 2018 Ford GT ’67 Heritage Edition at the 2017 Monterey Car Week. The red...
by - August 18, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries