Fiat and Tata Group explore strategic alliance opportunities
Fiat S.p.A and Tata Motors Limited today announced the signing of a Memorandum of Understanding (MoU) to analyse the feasibility of cooperation, across markets, in the area of passenger cars that would encompass development, manufacturing, sourcing and distribution of products, aggregates and components.
Following the MoU, a joint team would be set up by the two companies to determine the feasibility and specificity of the nature of cooperation, both in the short and long term. If found feasible, the two companies will enter into definitive agreements in the course of the coming months.
In a statement, Mr. Sergio Marchionne, CEO of Fiat S.p.A, said, "The possible strategic cooperative agreement with Tata Group represents another step in our clearly defined strategy that calls for targeted alliances across the automobile value chain. It is consistent with successful ventures established with premier partners including PSA Peugeot Citroen and Suzuki, and the recently announced signing of a MoU with Ford Motor Co. I want to thank the Tata team, especially its Chairman, Mr. Ratan Tata, for the outstanding work shared with us."
In his statement, Mr. Ratan Tata, Chairman of the Tata Group and Tata Motors, said, "We are delighted to be in dialogue with the Fiat Group on the range of possibilities between the two corporations. Fiat is a globally respected corporation, with a long-standing presence in automobiles. Both companies will benefit from this alliance in terms of possible joint product development, shared platforms and aggregates."
About Fiat
One of the pioneer companies in the automobile industry, Fiat has produced more than 85 million passenger cars and light commercial vehicles, including no less than 400 models, since 1899, when the company was founded in Turin, Italy. Some of them have represented milestones in the automotive industry. The Fiat Group's Automobiles Sector operates world-wide with the following brands: Fiat, celebrated for value, economy, and innovation and whose mass produced cars are distributed over almost the entire price class spectrum; Lancia (acquired in 1969) means prestige cars noted for their elegant styling, and comfort; Alfa Romeo (acquired in 1986) is famous as a maker of sport and luxury vehicles of style and distinction; Maserati (acquired in 1992) represents a landmark in the history of the automobile; Ferrari (acquired in 1969), well renowned for unsurpassed design, performance, and luxury, is a legendary automobile that imparts special cachet to its owner.
www.fiatautopress.com; www.fiat.com; www.lancia.com; www.alfaromeo.com; www.maserati.com; www.ferrariworld.com
About Tata Motors
Tata Motors is India's largest automobile company, with revenues of US$ 4.7 billion. The company is a market leader in commercial vehicles in India and amongst the top three players in the passenger car industry. It is the world's fifth largest medium and heavy commercial vehicle manufacturer. Tata Motors vehicles are already being marketed in several countries in Europe, Africa, the Middle East, South East Asia, South Asia and Australia. The company acquired the Daewoo Commercial Vehicles Company, Korea's second largest truck maker, in 2004. In 2005, it acquired a 21% stake in Hispano Carrocera, the reputed Spanish bus and coach manufacturer.
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Issued by:
Debasis Ray
Head (Corporate Communications)
Tata Motors Limited
www.tatamotors.com |
