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FIAT TO THE FORE; Can "Fix It Again Tony' repair Chrysler's fortunes?(NEWS)
Byline: MICHAEL TAYLOR
THE LAST TIME THE FIAT NAME MADE BIG HEADLINES in the United States, the Italian automaker was collecting $2 billion from General Motors in a divorce settlement following a rocky five-year relationship. GM owned 20 percent of the dynastic company, but it threw in the towel in 2005 when everything pointed to Fiat's inevitable bankruptcy.
By spring, look for Fiat to be back on the front page, announcing a deal in which the company will join forces with Chrysler to create a new joint car company with global reach.
Huh? How'd the company better known in the States by its "Fix It Again Tony reputation become the savior of one of the struggling Detroit Three? Thank GM and that $2 billion payoff.
As lifelines go, $2 billion isn't a lot, but Fiat CEO Sergio Marchionne (along with Ferrari chairman Luca di Montezemolo) used GM's money exactly as the U.S. government hopes the Detroit car companies will use recently provided federal bailout loans. The Fiat executives slashed expenses, streamlined supply chains, identified vehicles needing urgent revamping, fingered what was important to buyers and hacked development costs by eschewing multiple body styles.
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Source: HighBeam Research, FIAT TO THE FORE; Can "Fix It Again Tony' repair Chrysler's...