Almost a month later, Fiat’s CEO Sergio Marchionne will be returning to the United States; however, this time instead heading to Washington to meet with the auto task force, Marchionne will be going straight to Detroit to visit Chrysler and Bob Nardelli.
According to Automotive News, Marchionne took a red-eye on Monday to Detroit after President Barack Obama gave Chrysler 30 days to speed up its partnership with Fiat or prepare itself for a possible bankruptcy. Marchionne and Fiat’s head of business development, Alfredo Altavilla, will meet with Chrysler’s union and creditors this week.
If a deal is reached with Fiat, the U.S. government has promised to provide $6 billion to Chrysler. Analysts have said that Chrysler’s best chance to survive will be to team up with Fiat where the Italian automaker will take a 35 percent stake in the struggling American automaker. In return, Fiat will give Chrysler small car platforms and fuel-efficient technologies.
– By: Omar Rana