Fiat is now the sole owner of diesel engine supplier VM Motori after it acquired a remaining 50 percent stake in the fellow Italian firm from General Motors. VM Motori supplies diesel engines for vehicles like the Jeep Grand Cherokee EcoDiesel, Ram 1500 EcoDiesel and previously some Cadillac models sold overseas. General Motors Company [NYSE:GM] bought its stake in VM Motori back in 2007 in order to develop some new diesel engines. According to Automotive News (subscription required), GM has now sold the stake to Fiat for 34.1 million euros ($47.1 million). In addition to sourcing its diesel...
GM Buying 50% Stake In VM Motori Diesel Plant
To secure its diesel future General Motors will purchase a 50% stake in Italy’s VM Motori diesel engine plant from current owner Penske Corp. in a new 50-50 joint venture. This is the same engine plant that GM co-developed its new 2.9L V6 turbodiesel, which will initially be sold in...Siddarth Raja