“Fiat Group Investment Strategy in China”

“Fiat Group Investment Strategy in China”

  1. 1.     Introduction

During this course many questions and many answers have arisen around the investment strategies that foreign companies apply when they enter in the Chinese market. Thanks to the active participation of all the classmates we had a unique chance to understand one step closer to the Chinese market and at the same time to obtain more information about foreign companies, such as airlines, food & beverage, vehicles, etc.

Comparison some times can be a stimulus to companies and to investors to promote better and better their efforts in their work, but sometimes, at the beginning, the scenario presents a bit of surprise.

Surprise is exactly what I’m wanted to discuss in my paper, because it demonstrate that it doesn’t matter how big is the assets of a company, how good its strategies applied and the quality of its products if this company hasn’t find a proper way to invest, promote and spread its products and image in the Chinese market.

Is the case of FIAT Group.

Between this pages I’ll discuss what Fiat Group did in China, why its initial phase wasn’t successful and which kind of developments have taken place in the past few years, and which scenario is expecting the group in the short-run and long-run.

Fiat Group is a Italian historic company well known in Europe and, lately, also in US especially after the acquisition of Chrysler Motors into the Group.

Fiat not only has always represent a very, economically speaking, powerful industry but also an extremely influential company at the point that in several occasions the Italian government have “personally” took care of it as it was a of public company. A practice that probably would not sound that strange in China, but that is very unusual in the Italian market. All this factors and its strong presence in the stock market[1] it has been very simple to gather information about the group in China and in the world.

1.1.    Fiat Group

The Chinese market represent for Fiat a fundamental step to the expansion of its automobilist’ activities in the world”.[2]



1.2.  Italian Companies in China

There are about 1700 Italian companies operating in China, and around one thousand (58,8%) of them is located in the consular district of Shanghai, Zhejiang, Anhui and Jiangsu.

Mostly, these companies are big-size groups (according to the Italian perception of dimension), and less of the  4%  of them is haring less then 50 employees.[3]

Italian companies in China are mostly under the legal formula of representative offices, but those officially operating in China are doing business mainly oriented to the following areas: 40% of them are involved in manufacturing & machinery industries and businesses, another 20% in mechanical, consulting or services, a 15% in catering, and the remaining 5% in other activities.[4]

Just in few cases the decision to invest in Far-East Asia was motivated to face financial problems. In fact, more then the 33% of them had a balance surplus at the time of their first relocation. Therefore their decision was basically based on the long-run perspectives represented by the Chinese market and because the cheaper price of its labour force in the short-run.

But is that sufficient (been a big dimension company with conspicuous asset) to gain success in China?

1.3.  Fiat Group

Industry:          Automobile, Components, Media, Metallurgy,

Financial Services, Entertainment, Real estate,


Founded in:    1899                        Headquarters: Turin, Italy

President:        John Elkann

CEO:                                   Sergio Marchionne

Address:           FIAT INTERNATIONAL SpA

Via Nizza, 250

10123 Torino Italy

T: 0039-011-6861111

F: 0039-011-6863709

W: www.fiat.com

1.3.1.     Fiat in the World

FIAT Group Automobiles was founded on 11July 1899 in Turin as a car manufacturer by Agnelli family. Usually called with its acronym “Fiat” , that it stands for ‘Fabbrica Italiana Automobili’ (Italian Cars Factory), especially when referring to vehicles, but this sector is just one of its most important.  Over time the group has extended its activities in many other sectors, generating the most important Italian private financial and industrial group.[5]

Fig. 1  Fiat group revenues by sector in 2009. In 2010 was 35.88 billion of Euros.

The management of Gianni Agnelli (1960s’-1995), one of the most important presidents of the group in the past and member of the family, has also significantly increases the company’s multi-sectored and multi-national vocation, a calling that is rooted in the industrial realities created by Fiat in Europe, in the first decades of the century. Its growth, sustained by the so-called “economic boom” of the sixties, was noteworthy both nationally and in foreign markets.

Between 1995 and 2004 the group started to face many financial problems, but when Sergio Marchionne was elected new CEO of the Group in 2004, Fiat started to obtain a huge profit year after year.

This is the largest Italian business group, which also has significant business abroad, where it is present in 61 countries with 1063 companies employing over 223,000 people, 111,000 of them outside Italy.

Nowadays, Fiat, which owns 46 % of Auburn Hills, Michigan-based Chrysler, is targeting fast-growing economies to counter losses in Europe, its biggest market. The Turin-based carmaker already gets most of its profit from Brazil and is also seeking to expand in Russia.[6]

Among the core messages Fiat’s intention was to integrate its design and manufacturing processes more closely with new partner Chrysler. The aim is to unveil 34 brand new models before 2012, leading to a combined output from the Fiat Group and Chrysler of 6 million units by 2014. By comparison the entire VW Group sold 6.3 million cars in 2009.[7]

Unsurprisingly, Fiat is not oriented exclusively in Europe and North America, but is looking to the emerging markets of China, Russia and India to deliver much of that growth – targeting a two, seven and five per cent market share respectively in each country by 2014.

Fiat has scooped up booming demand for construction equipment in Latin America and Asia Italian industrial group Fiat has reported a seven-fold jump in profits, after surging farm and building equipment orders offset flat car sales.[8]

At the beginning of 2011 a non-car company, named “Fiat Industrial”, has take over the group’s assets in the truck, industrial and marine power train, and agricultural and construction equipment businesses.

At the end of 2010 because of the global financial crisis, the revenues at its automobiles unit were hit by a 25% drop in passenger car sales in Europe. Among the worst individual markets were Germany, Italy and the UK, all down by between 30% and 40% compared with a year ago. Meanwhile, Fiat’s luxury car lines both reported surging sales, with Maserati up 44% and Ferrari up 13% for the quarter.[9]



1.3.2.     Brands in the Group

       Nowadays Fiat Group includes the following companies [see Pic.2, pg.9]. The most famous around the world are Fiat, Maserati, Ferrari, Iveco and Juventus, but many others such Alpitour, Banca Leonardo, Lancia and Alfa Romeo are extremely famous in Italy (and many other European countries:

Fig. 2  Companies included in the Group.

1.3.3.     Revenue

In 2007 Fiat Group was ranched 8th group in the world for number of products distributed into the market: 2.524.325 products including cars, light commercial vehicles and trucks.

In 2008 Fiat Group achieve Euros 59,38 billions of revenues, in 2010 was 35.88 due to the financial crisis but also to the huge global investment operated by the group. The revenues in 2008 were composed by 26,93 bil. from Fiat Group Automobiles S.p.A., 12,72 from CNH Inc., 10,76 from Iveco S.p.A., 7 from Fiat Powertrain Technologies S.p.A., 5,44 from Magneti Marelli S.p.A., 1,92 from Ferrari S.p.A., 1,39 from altre attività, 0,83 from Teksid S.p.A., 0,82 from Maserati S.p.A.

The following tables show the number of vehicles produced by the group in the years 2007 and 2008.


1.3.4.     The Autos

The most important brands are FIAT, IVECO, Lancia, AlfaRomeo, Ferrari, Maserati, General Motors (GM) and Chrysler. Their production around the world between 2007 and 2008 was as follows:

-Year 2008-


















































































































































Turkey FIAT

Tab 2              WORLD MOTOR VEHICLE PRODUCTION OICA – Correspondents Survey

The last table (tab.3) shows the quantity of vehicles sold in the world market in thousands of units in 2010.


Product Department Year 2006 Year 2007 Year 2008 Year 2009 Year 2010
Fiat Cars






























Tab 3             According to the statistics offered by 21CN.com[11]



1.4.  Industry Structure: Car Industry in China & Fiat Group Experience

In 2010 car registrations in Europe fell by 16% compared to July of 2009, Fiat should have recorded a decline of 30% almost double. Among the possible explanations could be the choice to do not launch new models in a period that is certainly not noted for the large consumer propensity to buy, to keep the ammunition for a period of greater macroeconomic health, a choice opposite to that of Peugeot with the new models are further hurting competitors.

These data become even more important when compared to those recorded by the China market in general and certain companies that operate in particular. China with its 13.6% of registrations in the month of July has seen the “worst” since the last sixteen months, while Audi and BMW have made a mark respectively +53% and +82%. The comparison portraits perfectly the idea that has been a key factor for companies since the crisis began.

The 2010 budget sets out the Fiat Group Automobiles (Fag) consulted by ‘Thomson Financial’ that contains data and information related to the Fiat group before the split of the 1st of  January 2011. Fag recorded an operating profit in 2010 amounted to 369.6 million compared to 134.67 million loss for 2009.

The same applies to the product range. If Fiat decides never to compete with BMW, Audi and Mercedes would have to huge investments in technology and new models but it doesn’t have any certainty to been successful. The current and future Fiat is and will be more oriented in new markets such as Brazil that are substituting Europe and the U.S., the mature countries, with a range of popular products, from low margins and high competition.

This explains at least two things: the fact that Marchionne has to be good managers among its top priorities to have a hyper-efficient structure of production, because unlike the first winds of crisis or serious trouble first model would be wrong for society, regardless of impacts on long-term competitiveness, and the second is the stasis in which Alfa Romeo pours on the future of which the Fiat group has drawn a veil of mystery, both in terms of new models for sites that should produce them. The strong brand is the curse of the company that makes consumer expectations always very high, while Audi, BMW and Mercedes remain unattainable.

The only two sensible options are to relaunch the company trough huge investments by taking away resources from the other brands that have a better chance of success, a hypothesis at the time set aside for the high macroeconomic uncertainty, or sell to Volkswagen, which would raise money for the size and, choice very difficult to sustain in terms of image and very costly for the buyer and you should probably shifting some inefficient Italian plant. Undecided on strategic future of Alfa Romeo remains unresolved, though, we suspect, the more time passes the more likely that Marchionne yields to the temptation to sell.

2.1.   Investment Strategy of Fiat Group in China

The Fiat Group is present in China since 1986 cooperating with 16 companies employing more than 8,000 employees, with a turnover of U.S. $ 650 million in 2005.

These manufacturing companies are:

Nanjing Fiat Auto by Fiat, which was created in 1999 to produce the Fiat Palio, Fiat Siena, Fiat Perla. This joint venture with the Chinese Nanjing Automobile Corporation, which expired in December 2007 and replaced by an agreement with the Shanghai Automotive Industry Corporation [1] Iveco;

Naveco created in 1986 to manufacture commercial vehicles Iveco light and medium;

SAIC IVECO created in 2006 to manufacture the range of Iveco heavy;

SAIC Iveco Fiat Powertrain Technologies, created in 2006 to manufacture engines and transmissions for heavy vehicles Iveco;

– The establishment of Magneti Marelli in the industrial district of Jiading (Shanghai), born in 2009 signed a joint venture between Magneti Marelli and Shanghai Automobile Gear Works (SAGW, the leading Chinese manufacturer of gearboxes for cars).

By mid-2012 from the Hunan Province of the production line would come the first Fiat models “Made in China”. “You have to be in China to produce and sell in China,” said Claudio Barbero (Head Office Export Industrial Union of Turin.

The production of Fiat cars in China is not only the suppliers of the Lingotto in more business opportunities, but also a key that opens them and the new suppliers of the Group of Turin and the gateway to a global task which, if based in first global car market, can bring them new customers: the car manufacturers in China. “Competing and ally” are in fact two sides of same coin, that of the automotive business, and the firm.



2.2.         Experience: The First Phase:

2.2.1.        Characteristics

In 2001 Fiat Group has opened its wholly owned company- Magneti Marelli Powertrain (Shanghai) Co. in Shanghai. [12] Prior to this, through cooperation with Shanghai Auto Industry Corp., Huadong Teksid Auto Foundry was established in Jiangsu’s Zhenjiang City, involving a total investment of US$80.88 millions.

Magneti Marelli Powertrain (Shanghai) occupies 15,000 square meters of floor space in Shanghai’s Pudong Area. Its annual production capacity will initially be 150,000 auto throttles; the figure is expected to reach 900,000 by 2003. Magneti Marelli Powertrain will mainly focus on the research and development of car engine control systems, fuel injection systems, charging and discharging systems, engine production management systems.

Fiat Group, to demonstrate is interest and willing to do research in RPC, has also built a first-class technology center in Shanghai to facilitate its research and development of auto components produced in China.

Chery and Fiat previously came to an agreement to produce the Alfa Romeo in China, but until now, no news of its Chinese domestic production came to light.[13]

The breakup of the Fiat-Nanjing Automobile Corporation JV left Fiat without access to any factories to produce any cars domestically in the PRC, and have thus been importing a varying range of small cars into China, however, sales of these imported models have been far from excellent.

Fiat is reportedly planning to work with Chang’an Suzuki to produce the Fiat Sedici in the PRC. The Sedici is essentially a remodeled Suzuki SX4 that both Fiat and Suzuki worked on, the two models are sold side by side in certain foreign markets, but it will be the first time Suzuki and Fiat have worked together in the PRC.



2.2.2.        What Went Wrong?

The Fiat cars in China has changed the road by leaving the joint venture with Nanjing Automobile Corporation (NAC) with regard to the cars (all their other projects and collaborations has  keep on proceeding as before), the same time focused on the details of the partnership started with Chery Automobiles, one of the largest car manufacturers Chinese. On 7 August 2007, the Italian group has signed a memorandum of understanding to create a joint venture with Chery to equal that in 2009, in addition to its mark, would have to produce and distribute Alfa Romeo and Fiat models: an operation that according to forecasts, should stimulate the production of 175,000 cars a year.

This new company Magneti Marelli has the majority of the capital and parts produced by Chery are used, but is also available for other manufacturers. Furthermore, 31 October 2006, the two groups had already announced a supply agreement, by Chery, more than 100,000 gasoline engines a year to assemble Fiat cars produced in China and South America. The choice of the Lingotto to dissolve the agreement with NAC on the cars is intertwined with that made by Nanjing (which also acquired the brand-MG Rover) to flow into SAIC, China’s largest producer of cars, to form a mega groups State-owned.

Fiat at the time of its stronger car venture with Nanjing Automobile in the eastern city of Nanjing, was focus in making the Palio, Siena and Perla models, but the experiment has been reported to be sorrowful with Nanjing focusing on its recent acquisition of the MG, Austin-Healey and Healey brands, models and technology.

SAIC Motor has pledged to pay 285.7 million dollars for the activities of components of Nanjing, while Yuejin, Nanjing’s parent company, in exchange will have 320 million shares (4.9%) of SAIC Motor.



2.3.  Experience: The Second Phase

Since the first phase many things changed, but still some mistakes happened. For example in 2008 the Group has apologized to Chinese Institutions over a television commercial, featuring by the Hollywood actor Richard Gere,  with some recalls to Tibet.[14]

The new GAC Fiat facility, first announced in July 2009, represents the Italian carmaker’s return to the Chinese auto market after it ended eight years of cooperation with Nanjing Auto in 2007 due to a failed partnership.

In November 2009 Fiat and its partner Guangzhou Automobile Industry Group (GAC) kicked off construction of a $733 million passenger-car plant in this city, the capital of Hunan province in central China.  [15] The 50/50 car production joint venture has planned to produce 140,000 vehicles and 220,000 engines annually in the first phase of production startup.

The first model to be produced when production begins in 2011 will be the Fiat Linea midclass sedan. The plant will also build Fiat’s 1.4-liter turbo engine.

With a limited product portfolio, Fiat has lost its direction in China while soaring vehicle sales boosted the profits and sales of major global carmakers, including General Motors and Volkswagen. The maker of Alfa Romeo cars and Ferrari sports cars has three imported vehicles in the Chinese market now.

In China the joint venture with Guangzhou Automobile Group will be the springboard to establish a significant industrial and commercial presence in that market. This what was declared by the group’s CEO Sergio Marchionne during the presentation of the business plan of the Fiat group to 2014. The agreement concerns the construction of a new plant with a production capacity of up to 330.000 vehicles a year. The goal for the Chinese market in 2014 is 300.000 cars a year for a share of 2%.[16]

The group has been expected to grow its China sales from more than $1 billion in 2009 to $5.5 billion in 2010, including $3 billion for passenger cars, $1.5 billion for trucks, $600 million for engines and spare parts and $400 million for other businesses.[17]

Fig. 3  A car for the whole [Chinese] Family, Fiat Pearl.

2.3.1.     Strategy, Scores & Products

Fiat has invested $1.5bn in China since it built its first plant locally in 1986, China Daily said. But just recently, Fiat Group plans to spend more than 16bn RMB in China in the years to 2010 to help it achieve a fivefold rise in annual sales revenue in the country.[18]

Andrew Humberstone, chief representative of the group’s largest division, Fiat Auto, was quoted as saying the firm will produce three car models – Fiat Linea, Grande Punto and Alfa Romeo 159 – in China in the coming years to boost sales. The carmaker aimed to sell 263,000 cars a year by 2010, up from more than 30,000 units from 2009.

Fiat Auto, after its unsuccessful partnership with NAC, then has rapidly reached an agreement with another Chinese carmaker, Chery Automobile, to assemble the Alfa Romeo 159 in the small eastern city of Wuhu, China Daily noted. Chery also has a deal with Fiat Auto to supply 100,000 petrol engines for Fiat cars built both in China and overseas.

Iveco, Fiat Group’s commercial vehicle division, has built a 40,000-unit heavy truck plant and a 100,000-unit diesel engine factory in the western city of Chongqing with SAIC Motor and Hongyuan Motor, a local truck maker and also has a partnership with Nanjing Automobile to make wagons.

Fiat Group has obtained the Government approval to open a vehicle financing business in China and the Shanghai-based unit will provide loans to Chinese buyers in the first half of next year.

The Chinese Market has become also a market where experimenting the new models, as is happening with Fiat 500EV, zero emissions. It will be ‘launched in the U.S. in late 2012, while the Fiat 500 produced in Toluca, Mexico, will debut’ in China in the second half of this year. [19]

While Guangzhou Auto and Fiat are teaming up to prepare the mass production of new cars, Italian carmaker Fiat Group has quietly started its expansion into auto parts business in China. [20]

Fiat Group has also got the green light from the government to open an auto financing business in China. The group’s China auto financing branch, based in Shanghai, has the function to provide loans to Chinese buyers[21], another common practice of Fiat selling strategies applied in the Italian market.

2.3.2.     Supported by the Government

       In China is not that unusual that the government and its representatives play an important role during the draft of business agreements between local and foreign companies. Its intervention is often considered as an extra guarantee to the reliability of the agreements with Chinese partners by the foreign investors. Instead, in Italia is a bit uncommon, except for some groups, Fiat group one of them.

Fig. 4              President Hu Jintao, Prime Minister Berlusconi and Fiat administrator Marchionne. [22]

The agreement with the Guangzhou Automotive Company (GAC) for the establishment of an industrial joint venture, was signed at Villa Madama, a wonderful and ancient villa in Rome (Italy), in the bilateral meeting between Berlusconi and Hu Jintao.

The agreement stated that the productions will start in the new plant to be built in the city of Changsha, capital of Hunan province, in the second half of 2011. The first car model to be introduced will be the “Linea”, notchback sedan segment C.

The production will satisfy the request of capacity of production of140,000 cars and 220,000 engines a year. A second phase will follow, and it will be characterized by an increase in the capacity of the site to 250,000 cars and 300,000 engines. The product range will be gradually expanded to other Fiat models such as Bravo and Grande Punto.



  1. 3.      SWOT Analysis of the Domestic Market

3.1.       A further Consideration

A distinction must be operated between transportation, economic and luxury vehicles’ markets.

There is no doubt about it, Ferrari are doing better than their parent company Fiat in China.[23] Obviously, this category of (luxury) products won’t be product outside from Italy because of its value added related to its long and local manifacturing tradition.

The Fiat chief reckons that the group needs to increase its global production capacity from 2 million today to more than 5.5 million—a size that surely necessitates a large presence in what will soon become the world’s biggest car market. Guangzhou Auto operates was chosen because of its successful—and profitable—partnerships with Toyota (TM) and Honda (HMC), both of which have factories in Guangdong, which neighbors Hunan. Sales of Honda Accords and Toyota Camrys made at the plants are both hot sellers, especially in southern China. “[It is a] good move by Fiat,” says Michael Dunne, managing director at J.D. Power (MHP) in Shanghai.


Big assets sustained by investors mixed with a long experience of worldwide investments and production experience. A full before-sell and post-sell services will satisfy the necessity of the customers and let the  group to be more reliable to the eyes of the customers. BUT…OPPORTUNITIES:

The Chinese market is expanding and new territories are requiring new products. Has for many other categories of products are demonstrating recently.



Many energy were already spent in the past in the Chinese market without a satisfactory result. This means that the group still needs to promote is cooperation with local car-maker, by refine is connection with the institution and elaborating new promotions strategies.THREATS:

New markets means also that old competitors, that have already succeed in their challenge, and new competitors that could be find better ways to promote their products and better business strategies to create partnerships.


  1. 4.            Conclusion

The Chinese market represents a challenge to enterprises of all the dimension, regardless of their initial asset and financial stability.

Only a refined investment strategy, sustained by reliable partners and a better knowledge of the local market and its evolutions, allows companies to expand their business in China.

Numbers seems to demonstrate that Fiat Group is doing well not only worldwide, but also in China, where it will face many threats but, presumably, will be able to succeed thanks also to the new partnerships with General Motors and Chrysler.

Once again only time will shows which kind of changes will happen.

[1] Anonymous, Borse in rialzo, a Piazza Affari svetta Fiat. La Cina pronta a

comprare i bond del Portogallo, Il Sole 24 Ore, 26 May 2011, from: http://www.borseefinanza.it/articolo.asp?IDArt=112

[2] Vanni, Cornero, Fiat Auto in Cina ridisegna la mappa delle alleanze, La Stampa,27 December 2007, : http://www.lastampa.it/redazione/cmsSezioni/economia/200712articoli/28758girata.asp .

[3] Raffaella Serini,Censite più di 1700 aziende italiane in Cina, Corriere della Sera-Asia,13 Settembre 2006, from: http://www.corriereasia.com/_var/news/DTMJMEZ-IFJSUGR-GBD.shtml .

[4] Anonymous, Lavorare nelle aziende italiane presenti in Cina, Paginegialli.com September 2010 ,from: http://www.paginegialli.com/2010/09/lavorare-nelle-aziende-italiane-in-cina.html

[5] For further information or datas, please visit: http://www.fiatspa.com/

[6] Tommaso Ebhardt , Chiara Remondini, Fiat Said to Agree Deal to Produce Gearboxes for Cars in China, Bloomberg.com, 1 June 2011, from: http://www.bloomberg.com/news/2011-06-01/fiat-said-to-agree-deal-to-produce-gearboxes-for-cars-in-china.html.

[7] Anonymous,  Fiat Group maps out its future, Autoexpress.com, 21 April 2010, from: http://www.autoexpress.co.uk/news/autoexpressnews/251071/fiat_group_maps_out_its_future.html .

[8] Anonymous, Fiat profits jump on construction equipment sales, BBC News, 27 October 2010, from: http://www.cmbol.com/news/detail/2010/10/2010102708495124.shtm.

[9] Ibidem.

[10] In this year no car were produced by fiat Group in China due to the break of production in Nanjing production center.

[11] Anonymous, “Analysis on the Whole World Sales Volume of Fiat Group: Too Concentrated on the Market”, 菲亚特2010年全球销量分析:市场过于集中 (Feiyate 2010 nian quanqiu xiaoliang fenxi shichang guoyu jizhong), , 21CN.com, 10 March 2010, from: http://auto.21cn.com/news/focus/2011/03/10/8164617_1.shtml  , last visited in 10 June 2011.

[12] LI, Yan, Fiat Opens New Company in Shanghai, People Daily, 18 July 2001, from: http://english.peopledaily.com.cn/200107/18/eng20010718_75277.html .

[13] Anonymous, Fiat put JV Proposal to Government for Approval, China Car Times, 30 November 2010, from: http://www.chinacartimes.com/2008/11/30/fiat-puts-jv-proposals-to-government-for-approval/ .

[14] CASTONGUAY, Gilles, Fiat Apologizes to China for Tv Ad  for New Car, Reuters, 21 June 2008, from: http://www.reuters.com/article/2008/06/21/industry-fiat-china-dc-idUSL2030648920080621 .

[15] JIN, Vivian, Fiat Back in China,Insideline.com, 1 December 2009,from: http://www.insideline.com/fiat/fiat-back-in-china.html .

[16] Anonymous,  Fiat: 3,3 miliardi di investimenti fra Cina, India e Russia, La Stampa.it, 21 April 2011, from: http://finanza.lastampa.it/notizie/0,388598/Fiat_3_3_miliardi_di_investimenti_fra_Cina_.aspx

[17]GONG, Zhengzheng, Fiat plans 16b yuan refueling in China, China Daily 3 March 2007.

[18] Anonymous, CHINA: Fiat spending $2bn to boost China sales, ,Just-auto, 3 July 2007, from: http://www.just-auto.com/news/fiat-spending-2bn-to-boost-china-sales_id91825.aspx.

[19] Anonymous,  Fiat: la 500 in Cina entro il **2011**, elettrica in Usa a fine 2012(RPT), Il Sole 24 Ore, 23 May 2011, from: http://archivio-radiocor.ilsole24ore.com/articolo-937257/fiat-500-cina-2011/ .

[20] Anonymous, Fiat plans to expand into auto parts business in China, Gasgoo, 10 June 2010, from: http://en.huanqiu.com/auto/auto-china/industry/2011-03/540801.html.

[21]GONG, Zhengzheng, Fiat plans 16b yuan refueling in China, China Daily 3 March 2007.

[22] Anonymous, Fiat e la cinese Gac firmano l’accordo di joint venture
Primi modelli dal 2011, Il Sole 24 Ore, 6 July 2009, from: http://www.motori24.ilsole24ore.com/Industria-Protagonisti/2009/07/fiat-gac-produzione-auto-cina.php .

[23] Anonymous, Fiat China not Put Ferrari into Production in China , 3 August 2010,from: http://www.chinacartimes.com/2010/08/03/fiat-china-not-putting-ferrari-into-production-in-china/.

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