Business

Fiat Wants New Joint Venture With Chrysler

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CBS/AP

CBS/AP

chrysler fiat Fiat Wants New Joint Venture With ChryslerFiat and Chrysler CEO Sergio Marchionne is proposing a joint venture with Chrysler LLC at Turin’s Mirafiori auto plant.

The joint venture would make Alfa Romeo and Jeep brand vehicles for the domestic and export markets, with volumes at the plant expected to reach up to 280,000 a year. Fiat controls Chrysler with a 20 percent stake.

Marchionne made the proposal during a meeting with unions in Turin on Friday. He is seeking to reach more flexible work accords at Italy’s plants as a condition to going ahead with euro20 billion ($26.6 billion) in investments planned for Italy.

Mirafiori employs 5,800 workers, and last year produced 178,000 cars. Volumes would increase in 2012.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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