Chrysler: "Fix me Tony"
Fiat Acquires 35% Stake in Chrysler
Excerpt:
The deal would allow Chrysler to use Fiat’s technology and vehicle platforms to build more fuel-efficient, small and midsize cars at its factories and sell them in North America. Fiat would give Chrysler access to distribution networks in other parts of the world, particularly Europe. The companies said they expect “substantial cost savings opportunities” but did not specify an amount.
“This initiative represents a key milestone in the rapidly changing landscape of the automotive sector and confirms Fiat and Chrysler commitment and determination to continue to play a significant role in this global process,” the chief executive of Fiat SpA, Sergio Marchionne, said in a statement.
“The agreement will offer both companies opportunities to gain access to most relevant automotive markets,” Mr. Marchionne said, “with innovative and environmentally friendly product offering, a field in which Fiat is a recognized world leader while benefiting from additional cost synergies.”
Comment: FIAT: "one widely circulated joke within the industry was that the company’s name stood for Fix It Again, Tony"
Speaking of foreign cars, why are we giving GM a bailout when they are doing so well that they are actually building new plants? (Although those plants are in other countries)
ReplyDelete"Beijing: Beleaguered US automaker General Motors opened up a new joint venture manufacturing plant in northeast China on Wednesday which will begin churning out up to 150,000 vehicles annually beginning 2009.
ReplyDeleteThe joint venture plant in Shenyang city, inaugurated as the iconic American brand is fighting for its life amidst the global crisis, will mass produce the compact Chevrolet Cruze from the second quarter of 2009."
And how about this:
ST. PETERSBURG, RUS. November 7, 2008: General Motors (GM) opened today a $300 million, flexible assembly plant in St. Petersburg, Russia, in presence of President Dmitry Medvedev. The plant will add 70,000 units of capacity to more than 100,000 already available to GM at joint venture and partner facilities in the country. It will build the Opel Antara and Chevrolet Captiva SUVs and, as of late 2009, the all-new Chevrolet Cruze compact sedan."
Am I the only one who finds that odd? We are bailing out a company that has recently built brand new plants?
ReplyDelete