• Most Popular
  • Most Shared

Fiat, Guangzhou Auto agree 50-50 joint venture

ROME
Mon Jul 6, 2009 7:57am EDT

Stocks

   

ROME (Reuters) - Italian auto maker Fiat (FIA.MI) has agreed a 50-50 joint venture deal with China's Guangzhou Automobile Industry Group to produce car engines in China.

Deals  |  Inflows Outflows  |  Italy

Production will start in the second half of 2011. The deal was signed by Fiat's CEO Sergio Marchionne and Chinese officials in Rome.

Fiat, which has just taken a 20 percent stake in U.S. auto maker Chrysler, has long sought a strong partner in China, where car sales are booming in contrast to slack demand in Europe and the United States.

It pulled out of a joint venture with Nanjing Automotive in 2007 and then in March 2009, a planned venture with Chery Automobile Co was postponed by the Chinese company.
Deals
Inflows Outflows
Italy


More from Reuters

Photo

Obama says U.S. will pursue plane attackers

KAILUA, Hawaii (Reuters) - A wing of al Qaeda claimed responsibility on Monday for a failed Christmas Day attack on a U.S.-bound passenger plane, and President Barack Obama vowed to bring "every element" of U.S. power against those who threaten Americans' safety. | Video

» More Top News
A young Kamchatka brown bear plays in its enclosure at the 'Tierpark Hagenbeck' zoo in Hamburg September 20, 2007. REUTERS/Christian Charisius

The return of the Russian bear

Jason Bush

As Russia's memories of crippling economic times fade, are reforms disappearing along with them?  Commentary 

Breakingviews
Surgeons extract the liver and kidneys of a brain-dead woman for organ transplant donation at the Unfallkrankenhaus Berlin (UKB) hospital in Berlin January 12, 2008. REUTERS/Fabrizio Bensch

Desperate, duped, or both

One of the world's largest organ trade hubs is moving to stop the living from cashing in their body parts.  Full Article 

Health