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Old 09-14-2006, 03:31 AM   #1
mrgq
 
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Thumbs up Fiat to sign two contracts in China - One with SAIC

I wonder why they moving away from NAC, nanjing?


Sep. 14, 2006 (China Knowledge) – Italian automaker Fiat SpA will be signing two contracts in China, Fiat Chairman Luca Cordero di Montezemolo told Italian media Wednesday.

Montezemolo will be visiting China as part of a delegation of top Italian political and business leaders. Italian Prime Minister Romano Prodi will be on hand for the signings and presentation as will Fiat CEO Sergio Marchionne.

Fiat, which has a 20-over-years presence in China, will first sign an agreement this week between the Nanjing Automobile Co. (NAC) and Fiat's bus and truck unit Iveco.

The automaker will also present its new car model, 'Pearl', which will be produced in Nanjing Automobile’s plant and targeted at the Chinese market. Some 90% of the Pearl’s components will be sourced in China.

The second contract will be signed on Monday between Fiat and State-owned Shanghai Automobile Industry Corp. (SAIC). SAIC is the local partner for General Motors Corp. and Volkswagen AG, and also with Fiat's farm machine subsidiary New Holland producing tractors in China.


Prodi, who kicked off his six-day trip in China yesterday by visiting Nanjing, will attend the signing of the contracts. The prime minister will visit three other cities - Guangzhou, Shanghai and Tianjin - before ending his trip in the capital of Beijing, where he will meet with Chinese President Hu Jintao and Premier Wen Jiabao.

There are currently a total of 1,428 Italian companies in China, more than 80% of which are large-sized. Italian exports to China jumped 18.6% over the past 12 months with the majority being textiles and machinery.


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Old 09-14-2006, 11:08 AM   #2
dragin
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Quote:
Originally Posted by mrgq
I wonder why they moving away from NAC, nanjing?
I don't think you will find Fiat's Nanjing passenger car production moving anywhere. But the Iveco and New Holland subsidiaries of Fiat will be joining SAIC for expanded projects.

And when Fiat's NAC partner, and SAIC eventually merge in the future (gov't told them to get along and work out their MG Rover-related dispute) that will work out well.

Looking further down the road, will Fiat be acquired by SAIC? A lot will depend on the success of SAIC's independent passenger car production.



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