PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2006/11/24 - With Fiat and Chery signing a memorandum of understanding, Fiat has found a good marketplace for its engines..
A “memo of understanding” was announced by Chery Automobile of China and Fiat- the Italian automaker for supplying petrol engines for Fiat cars that are assembled either in or outside China.
The two companies anticipate a yearly supply of over 1,00,000 (1.6 & 1.8-liter) engines. Sergio Marchionne, Fiat CEO, said that the two companies could extend the co-operation to power trains and other automotives. Also, the accord with Chery would provide them with an opportunity to further enhance the competitiveness of their product range in global markets.
The deal between the two giants is likely to be sealed be the end of this year (2006). Fiat CEO has recently formed an alliance with other suppliers and automakers. By forming this alliance the company has paved its path while stretching its realm to other international markets where its presence was negligible till now. Fiat is also willing to invest over 500 Million Euros in China during the years 2006-2010, as per the CEO of the company.
As per views expressed by a senior research analyst at RNCOS, who has recently researched a report on “Asian Automotive Industry (2007)”, “Germany is Europe’ largest national producer is also number three in the world. China drew near to Germany’s production level and its car market is likely to register a remarkable growth in near future. Sales of passenger car alone is expected to reach 5.5 Million Units by the year 2010.”
RNCOS report on “Asian Automotive Industry (2007)” addresses some interesting issues for today’s Global business environment, like:
- An insight into the trends in automobile market performance
- Pinpoint sectors of growth and identify the factors driving change
- Key Challenges and Strategies before Asia Automobile industry
- Identify market and brand leaders and understand the competitive environment
- Major driving forces for Asian automotive industry
About the report
The report is a must read for industry analysts, consultants, businesses as well as investors who are closely monitoring the progress of Asian automotives industry.
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