Fiat and Chrysler have agreed to form a strategic alliance that would give the Italian auto company a 35 per cent stake in the troubled U.S. carmaker.
The deal means Chrysler, which is fighting off bankruptcy and struggling to sell less fuel efficient larger models, would have access to new markets and cheaper, environmentally-friendly technologies.
Fiat Group, which makes Fiat, Lancia and Alfa Romeo vehicles, would gain a foothold in the huge U.S. market. The company has bounced back recently with cars such as the tiny 500 two-door hatchback, a hit remake of an earlier iconic Fiat model.
Under the deal, Chrysler will be able to manufacture and market in the U.S. new models based on Fiat platforms as well as the Italian company’s own products.
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