Shareholders of Fiat Chrysler Automobiles (FCA) and Groupe PSA (Peugeot) voted to merge the U.S.-Italian and French carmakers to create the world’s fourth-largest auto company by volume.
Italy's government said on Wednesday it would guarantee a 6.3-billion-euro (US$7.1 billion) loan to Fiat Chrysler, as the automaker struggles with the impact of the coronavirus pandemic.
Mexico's auto industry reopening picked up the pace on Tuesday, with Fiat, Chrysler, and BMW AG joining peers in gradually dusting off operations even as the wait for approvals slowed the return of Ford Motor Co and other companies.
Before going to work these days, employees at the Brazilian unit of Fiat Chrysler Automobiles have to get a health check using a mobile app every morning.
Fiat Chrysler and rival PSA Group, owner of Peugeot and Vauxhall, have confirmed a US$ 50bn merger deal. The merger is aiming for annual cost savings of US$ 4bn through shared purchasing agreements and combined technologies, will create the world's fourth-largest carmaker.
Fiat Chrysler and Peugeot owner PSA are in talks to combine in a deal that could create a US$50 billion automaker. The announcement could be made this same week.
Car and light truck sales in Brazil went up 13.6% in 2018 from the previous year, cementing the industry’s gradual recovery from a deep recession. Brazil was one of the world’s five biggest auto markets until a recent downturn and, despite last year’s growth, numbers remain lower than at their peak in 2012.
Shares in Italian car giant Fiat have jumped more than 15% following the announcement of its plan to buy the remaining 41% of Chrysler it does not own. Fiat has owned a majority stake in the US company since 2009.
Italy’s carmaker Fiat is upping its stake in Brazil, pouring about 7 billion dollars into local investments by 2016, according to a plan its CEO Sergio Marchionne handed President Dilma Rousseff on Monday.
Fiat will trim some production in Brazil and Argentina for a week because of a trade spat between the South American neighbours, the Italian car maker said on Friday.