Nanjing Fiat's newly appointed CEO Han TongAn said during Auto China 2006 that Fiat Group is planning to inject 500 million euros to its joint venture in Nanjing, China within 5 years.
Fiat's plan is to change the current situation of Nanjing Fiat, which, according to statistics, only sold 23,000 vehicles in the first nine months, down 7% from a year ago, whereas the total sales of passenger cars in China increased by 45% during the same period.
With the investment, Fiat has a bigger vision for the joint venture. Earlier n September 14, Luca Cordero Di Montezemolo, President of Fiat Group, said he expected overall sales of Nanjing Fiat to increase from the current 40,000 units to 300,000 units by 2010.
(ML)
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