Member access

4-Traders Homepage  >  Shares  >  Italian Stock Exchange  >  Fiat SpA    F   IT0001976403

FIAT SPA (F)

124
Real-time Quote. Real-time Tradegate - 07/29 06:47:00 am
7.569 EUR   -1.12%
5h ago FIAT : Chrysler Group Taps Vari-Form as a Top-Performing Supplier Finalist ..
1d ago FIAT : Dodge Receives 3 J.D. Power APEAL Awards
2d ago FIAT : Chrysler Group Honors Vari-Form
SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

Fiat, Sberbank Agree To Make Jeeps In Russia - Report

02/26/2012 | 08:18am US/Eastern
Recommend:
0

Italian auto maker Fiat SpA (>> Fiat SpA) and Russian state bank OAO Sberbank (SBER.RS) have agreed to form a partnership to build vehicles under the Jeep brand in Russia, whose market is growing faster than the rest of Europe, according to a Sunday report in Italian newspaper Corriere della Sera.

Fiat and Sberbank have signed a letter of intent to assemble vehicles in two factories, the report says, without citing sources.

They will invest EUR850 million in the first one near St. Petersburg where it will eventually produce 120,000 vehicles a year. The second factory will be near Moscow, where the luxury Zil cars for Kremlin officials used to be made.

Although the factories will be able to produce different models, most of them will be sport- utility vehicles, or SUVs, according to the report. Jeep is best known for its SUVs. It belongs to Chrysler Group LLC, the U.S. auto maker majority-owned by Fiat.

Under the terms of the letter of intent, Fiat will own 80% of the partnership, while Sberbank will hold the other 20%, according to the report, adding that Sberbank will provide it with all the financing.

Fiat declined to comment.

The partnership is the outcome of an initiative by the Russian government to promote direct investment in its automotive industry.

In June 2011, it received proposals from various manufacturers, including Fiat, which offered to invest $1.1 billion to build two factories.

Fiat had previously tried to form a partnership with OAO Sollers (SVAV.RS). It failed, losing out to Ford Motor Co. (>> Ford Motor Company).

-By Gilles Castonguay, Dow Jones Newswires; +39 348 596 5667; gilles.castonguay@dowjones.com

Stocks mentioned in the article : Ford Motor Company, Fiat SpA, Sberbank Rossii OAO, Sollers OAO
Recommend :
0
React to this article
Latest news on FIAT SPA
5h ago FIAT : Chrysler Group Taps Vari-Form as a Top-Performing Supplier Finalist for 2..
1d ago FIAT : Dodge Receives 3 J.D. Power APEAL Awards
2d ago FIAT : Chrysler Group Honors Vari-Form
4d ago Mazda recalls U.S. cars with faulty Takata air bags
4d ago FIAT : Chrysler Group Assigned Patent
5d ago U.S. AUTO SALES SEEN RISING 9 PERCEN : JD Power-LMC
5d ago Fiat and Peugeot dismiss latest tie-up report
5d ago FIAT : CHRYSLER -Dodge Earns Three J.D. Power APEAL Awards for Charger, Challeng..
5d ago FIAT : CHRYSLER -Good Vibrations: Mopar Fuels Performance with New Shaker Hood K..
5d ago FIAT : Chrysler Group Sets Date to Host 2nd Quarter 2014 Financial Results Analy..
Advertisement
Chart
Duration : Period :
Fiat SpA Technical Analysis Chart | F | IT0001976403 | 4-Traders
Income Statement Evolution
Fiat SpA : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF