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• Post-merger, Fiat ditches Nanjing joint venture

  Filed under: China , Euro , Plants/Manufacturing , Earnings/Financials , Chery , Alfa Romeo , FIAT Hot on the heels of Nanjing Auto's merger with SAIC , Fiat has announced it has pulled out of the automotive joint venture it had embarked upon with Nanjing. The Sino-Italian operation had been a money-losing enterprise for years. Fiat says that Nanjing failed to live up to its commitments to the joint venture after the Chinese auto group took over MG Rover, and that the divorce will enable the Italian automaker to re-strategize its business in China. Fiat is expected to partner instead with Chery Automobiles, which just announced another joint venture with Israel Corp . Fiat and Chery are in the process of setting up another joint venture to produce 175,000 cars annually starting in 2009, and leading to the introduction of Fiat Group division Alfa Romeo to the Chinese market. The separation affects only the cooperation between Fiat and Nanjing on the production of passenger cars, and... Posted Dec 27 2007, 12:03 AM by Autoblog Filed under: Euro, Chery, Plants/Manufacturing, China, Earnings/Financials, divorce, FIAT, Alfa Romeo, merger, saic, nanjing, jv, JointVenture, manufacture, joint venture, PullsOut, pulls out

• Chery enters joint venture with Israel Corp.

  Filed under: China , Plants/Manufacturing , Earnings/Financials Israel develops and produces a lot of things, from microchips to cosmetics. But, discounting the odd dune-buggy or army jeep, cars aren't one of them. So it came as a bi t of a surprise when Quantum, an American subsidiary of (the imaginatively named) holding company Israel Corp ., announced it was embarking on a joint venture with an unnamed Asian automaker back in the spring . Israel Corp. has now won approval from China's still heavily centralized government to set up shop in partnership with Chery Automobile. The Israeli partner will take a 45% stake in the venture, worth about $225 million, with Chery presumably taking the other 55%. The news of the deal hit the wire shortly after the now-refuted reports of an ambitious plan to put 10,000 electric cars on Israeli roads by 2010. Chery was the first of a plethora of Chinese automakers that now manufactures outside of China, operating its own plants in Iran, Malaysia... Posted Dec 26 2007, 10:36 AM by Autoblog Filed under: Chery, Plants/Manufacturing, China, Earnings/Financials, zim, holding, jv, corp, venture, israel, joint