Italian carmaker Fiat Auto and China’s Chery Automobile Co. Ltd. announced Tuesday that they have signed a memorandum of understanding to supply gasoline engines for Fiat cars produced both in and out of China.The two companies said they expect an annual supply exceeding 100,000 1.6 and 1.8 liter gasoline engines. Fiat SpA CEO Sergio Marchionne said the cooperation could be extended to powertrains and other automotive sectors.
“The agreement with Chery will give us the opportunity to further increase the competitiveness of our product range on the international markets,” Marchionne said in a statement. “Chery is a young and modern company with a solid technical background and I am glad to welcome this further step in our strategy of targeted alliances.”
By Associated Press
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