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Fiat, Guangzhou Auto agree 50-50 joint venture

ROME
Mon Jul 6, 2009 7:57am EDT

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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.

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.
Inflows Outflows
Italy


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