As Volkswagen AG plans to become the auto industry’s largest manufacturer by 2018, it has reportedly made a new round of bids to Fiat SpA to buy the company’s troubled Alfa Romeo brand. Two officials from Volkswagen said that the company is on an acquisition spree to topple Toyota as the world’s No. 1 automaker and is “seriously interested” in buying Alfa.
However, a high-placed Fiat executive told Automotive News Europe that Fiat has “no intention at all of selling the brand to VW.”
A Fiat spokesman said today that the company is sticking to Alfa’s turnaround plan announced by Fiat CEO Sergio Marchionne earlier this year. Marchionne wants to transform Alfa into a “full-line premium carmaker” selling 500,000 units in 2014.
Alfa Romeo will make its return to the United States in 2013.
– By: Stephen Calogera
Source: Automotive News (Subscription Required)