Word: fiat
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Dates: during 2000-2009
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...GMAC, GM's auto financing partner, and another $1.5 billion to Chrysler Financial, which once financed Chrysler vehicles. Chrysler Financial is now being de-commissioned since GMAC will take over the financing of Chrysler vehicles under President Obama's plan to reorganize the automaker into a joint venture with Fiat. (Read "Porsche and VW Agree to a Merger...
...This deal seems to be yet another sign of how hard the global automotive industry has been hit by the recession. The news of the Porsche-VW merger follows the announcement earlier this week by Italian carmaker Fiat that it wants to acquire U.S. automaker Chrysler, which the U.S. government forced into bankruptcy protection last week, and GM Europe. Fiat wants to merge with Chrysler and GM's Opel to create one of the largest car companies in the world. (See Chrysler's top ten moments...
...Chrysler vehicles will get a dash of Fiat spice. A secretive visit by Fiat executives to Chrysler's design studio in Auburn Hills, Mich., last December convinced Fiat executives that Chrysler could still put some new zip into vehicles such as the Jeep Grand Cherokee. Even before the bailout, Chairman Robert Nardelli had decreed that the company, with help from A123, a battery maker, and General Electric would move ahead to develop electric vehicles with four times the fuel economy of Chrysler's traditional sedans and Jeeps. "We're not going back," Nardelli said...
...addition to the Fiat 500, which is well known for its styling, Chrysler executives also are known to be interested in Fiat's small, turbo-charged diesel engines, which would immediately give a company best known for minivans a big fuel-economy boost...
...LaSorda says much of the work needed to put Fiat's vehicles in compliance with U.S. emission standards and safety regulations has already been completed since talks between the two automakers actually started in March of 2008. "If you take a look at the (new regulations), the sales pickup opportunity is going to start in about 18 months so we're going to be perfectly timed to take advantage of it," said Jim Press, the former Toyota executive, who is now Chrysler's top salesman...