Word: fiat
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Such successes have made Fiat one of the few really big, privately owned Italian companies that do well in an unusual mixed economy where 20% to 25% of industry is held by government-controlled corporations. These corporations, which are concentrated in steel, transportation, construction and other basic industries, often have a privileged access to capital that leaves smaller private companies short of cash-an ill that has never befallen Fiat...
Almost alone among European car makers, Fiat has adopted Detroit's successful technique of expanding its model lines as its market grows more affluent. In 1964, Fiat introduced its 850, a mightier mouse but cheap enough (at $1,280) to sell well in that year's recession. Since then, largely at Gianni's urging, Fiat has followed Il Boom with medium-priced cars and then luxury models. In all, the company now builds 20 models, including its sporty 124, which is becoming Europe's Mustang, and the Fiat-Dino, a 120-m.p.h. job that costs...
Agnelli had specialized in handling Fiat's finances, and he always knew that he would become chief executive when "circumstances made it available." The moment came when Valletta finally retired at 82 in early 1966. Valletta had groomed another technocrat for his job, but Vice Chairman Agnelli had other ideas. "I decided that I was the best person," he says, "and I took over...
...guard at Fiat was not quite comfortable with the high-living heir. Early on, too, he suffered a setback. Alfa-Romeo, a rather small, state-owned company that specialized in costlier high-performance cars, made plans for building a southern Italian plant to mass produce medium-priced cars. Agnelli used all his prestige and persuasion to try to block government approval of the Alfa-Romeo expansion, but failed. By 1971, when Alfa-Romeo begins turning out 450,000 cars a year, Fiat will have the novel experience of facing real Italian competition in the medium-priced field...
...about some deadwood that had piled up under Valletta, Agnelli imposed a U.S.-style rule of retirement at 65 and promoted much younger men. He has also radically decentralized management in the belief that "it doesn't do any good to sit on the heads of your executives." Fiat's managers bring him only major decisions, but on those, Agnelli is the ultimate authority. Under him, the company has greatly broadened its product line, introducing seven new models in the past two years, a feat even by U.S. standards. He is also increasing Fiat's international reach...