Word: fiat
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...General Motors fights for survival, the catalog of its recent woes must include the name Fiat. Not only did a 2000 partnership between the U.S. and Italian carmakers sputter badly - as the two companies struggled to find consumer-friendly models and integrate their production facilities - but also GM was eventually forced into an unprecedented $2 billion "divorce" payout to avoid having to purchase the then debt-plagued Fiat...
...both American and European carmakers face plummeting sales and an industry in flux, the storied Turin automaker is set to return to Detroit for a new, though less fixed, marriage. Fiat and Chrysler announced a nonbinding deal Tuesday to create a partnership that will give the Italian automaker a 35% stake in the smallest of the badly strapped American Big Three. The joint announcement stipulated that Fiat's commitment to its struggling partner would be solely an equity interest and that "the alliance does not contemplate that Fiat would make a cash investment in Chrysler or commit to funding Chrysler...
...Bremen and Leipzig in Germany, Turin in Italy, Bilbao in Spain, and Saint-Etienne in France - were all industrial behemoths of the 19th century. Belfast and Bremen thrived through shipbuilding. Many of the world's knives, blades and cutlery came from Sheffield. Turin was famous for its car manufacturer Fiat. But from the 1970s onward, fortunes plummeted. As traditional industries folded, inner-city decay and suburban sprawl took hold, turning off prospective investors and keeping residents from putting down roots...
...They were constantly looking at buy, sell, hire, fire, looking to be rescued from their predicament," says Spear. On the buy side, GM CEO Roger Smith acquired Hughes Aircraft, EDS and a 50% stake in Saab. His successors bought the Hummer, 20% of Korea-owned Suzuki and 20% of Fiat with the obligation to buy it or pay to get rid of it. (The latter course was chosen, at a cost of $2 billion...
...Meanwhile, the European Investment Bank is set to pledge $2.5 billion to help the continent's auto industry develop more environmentally friendly cars, according to Reuters. That support could help struggling companies stay in the race to bring greener vehicles to market during a global economic downturn. Fiat CEO Sergio Marchionne summed up the situation in simple terms: "Either [aid] is for everyone...