For decades Italians sped around the Colosseum on their Vespa scooters in much the same fashion as Audrey Hepburn and Gregory Peck in the movie “Roman Holiday.” Then came a new mayor and his plan to make the city greener.
Sergio Marchionne, chief executive officer of Fiat SpA and Chrysler Group LLC, signaled how important the U.S. market is to the carmakers by keeping direct control of North American operations under the single management team he announced today for the two companies.
Fiat SpA is in talks for as much as $10 billion in financing from a pool of banks to buy the Chrysler Group LLC stake it doesn’t own and refinance the two automakers’ debt, people familiar with the matter said.
Serbia will pay part of what it owes to Fiat SpA this year for their joint venture that makes 500L compacts and will roll the rest over to 2013 as the government struggles to narrow its budget deficit.
Fiat SpA sees natural gas propulsion as a “near-term environmental solution” also for the U.S. as it has “less expensive production, transportation and distribution” than hybrid and electric engines, according to the slide presentation of a speech by Fiat’s executive Alfredo Altavilla at a conference in Paris today.