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1 1,644 views October 31, 2006

Fiat signs engine deal with Chery

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Italy’s Fiat has signed a Memorandum of Understanding with Chinese carmaker Chery Automobile, which will see the Asian company supply 1.6 and 1.8L gasoline engines produced in China for use in Fiat cars. The two companies expect an annual supply exceeding 100,000 engines and are engaged to sign the definitive supply agreement before year end.

Fiat’s CEO Sergio Marchionne commented that the deal would allow the Italian carmaker to increase the competitiveness of its product range in international markets, while Chery’s President Mr. Yin Tongyao was happy that a well established company like Fiat was confident in and trusted Chery as a reliable manufacturer.

Chery has risen to become China's second largest car manufacturer and this latest announcement will only strengthen the company further. With all the news surrounding Chery in the recent past, good and bad, it’s hard to imagine that the company was only launched in 1997.