Struggling carmaker Fiat is looking to the Asian market for salvation with news this morning that it plans to ratchet up production in China to 150,000 -200,000 vehicles by 2006, and launch at least one new model annually.
Fiat Group has reported a increased net loss for Q1 - 699 million euros ($808 million), compared to 663 million euros in the same period last year.
Fiat has been forced to halt production at Turin after running out of space to store new vehicles as a result of a dispute with the logistics company that moves them to dealerships.
Fiat and Citroen are both reported to be planning to make affordable telematics systems available for their mass market vehicles. Fiat has developed a basic telematics system offering navigation, fleet management and safety functions.
Unconfirmed reports suggest Fiat Auto plans to back the introduction of three new models with a five-year extended warranty offer.
Italian automotive group Fiat may be set to sell its aerospace business Fiat Avio to US private equity group Carlyle for around £1.2bn. Carlyle has links with past US President George Bush Sr and its European chairman is former Prime Minister John Major.
Fiat has agreed to sell its insurance subsidiary Toro to publishing group De Agostini for $2.53bn as part of the restructuring/refinancing package designed to bolster its loss-making car division.
General Electric may be a potential bidder for Fiat's aerospace unit Fiat Avio. Other prospective buyers include Italian company Finmeccanica, French group SNECMA and US private equity fund, The Carlyle Group.
Fiat in India could face a $96m excise bill for allegedly underpricing the Uno in order to boost sales in the country.<p>
Fiat Group's new chairman Umberto Agnelli told journalists at the Geneva Motor Show yesterday that he hoped the company would never have to exercise the option to sell 80 per cent of the company to GM.
Fiat Auto will not hit operating break-even until 2004, its CEO Giancarlo Boschetti admitted at the Geneva Motor Show yesterday.
Italian industrial group Fiat is likely to post a worse-than-expected record net loss of about 4bn euros (£2.7bn) for 2002, two Italian newspapers reported today.
Fiat may be close to selling its profit-making insurance unit Toro. Italian media sources report that U.S. investment bank Goldman Sachs have made an offer for the business on behalf of a client.
Fiat's top executives met GM chiefs in New York yesterday. The Put Option which forces GM to buy the remaining 80 per cent of Fiat Auto was likely to top the agenda.
Glass's Information Services has warned that the new Stilo Multi Wagon will kill off any lingering demand for the “unloved and slow-selling” Fiat Multipla.
DaimlerChrysler chief executive Juergen Schrempp has scotched rumours – if there were any – of any plans for a partnership with ailing Fiat.
Fiat Group's profitable aviation business Fiat Avio could be the subject of a joint bid by Snecma and Finmeccanica, the French and Italian (respectively) aerospace businesses.
Fiat is expected to ask investors to stump up fresh cash to revive its Fiat Auto division. But fund managers say that they must set up a hard-hitting industrial plan to attract investors.
Entrepeneur Roberto Colaninno has admitted that his 9.7bn euro Fiat rescue plan may not get past the drawing board - but has warned of dire consequences if at least 8bn euro isn't pumped into the company.
France's Snecma is tipped to purchase Fiat's aeronautics business Fiat Avio – one of the carmaker's pivotal disposals in its restructuring plan.
