Fiat Plans To Pump $650Million into China Joint Venture
Submitted by Bill Belew on Tuesday, 28 November 2006No Comment
The Nanjing Fiat CEO said that the Fiat Group is planning on a 500 million euro fuel injection ($650 million) over the next five years.
China’s overall car sales increased by 45% for the first nine months of this year, but Fiat saw their sales down by 7% to only 23,000 units.
The cash infusion is Fiat’s way of saying they still have a vision for the joint venture…or they have money to burn.
Nanjing Fiat hopes to be selling 300,000 cars a year by 2010.
This is good news for Nanjing and for my wife and me. Her parents just moved home to Nanjing after having spent a dozen or so years in Shenzhen.
Chances are I’ll be visiting Nanjing before long…but I won’t be driving a Fiat.
Give me a Japanese car any day.
What do you think?
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