Fiat Buys Zastava in Serbia
(chinatrucks.com, Jan.6, 2010)Fiat has entered into an agreement with the government of Serbia to acquire Zastava Company, Serbia's only car manufacturer. The company is best known in the West as the former maker of the Yugo.
The total amount of the transaction is the equivalent of $287.4 million, half of which has already been paid, with the remainder to be transferred by the Italian company during 2010. The agreement was signed by Fiat Group Vice President Alfredo Altavilla and the Serbian Minister of Economy, Mladzhan Dankich.
Under the terms of the deal, Fiat will acquire a 67 percent stake in Zastava, while the government of Serbia will keep 33 percent. Fiat's initial plans call for an approximate $1 million investment to upgrade its new plant, which will be able to produce up to 200,000 cars per year.
It is expected that the factory will specialize in the production of two new Fiat models. First deliveries of the products to the U.S. and Europe markets are to begin in 2011.
Fiat produced the previous-generation Punto in the Zastava factory, alongside the Yugo hatchback that had been produced there since the early 1980s. Both models were mainly supplied to markets in Eastern Europe. The production of these cars was stopped at the end of last year.
The government of Serbia announced its intention to sell the Zastava factory in December 2007. In addition to Fiat, such companies as Ford, Volkswagen, Tata Motors and China's FAW were among the main bidders.
Views:0
- SAIC Fiat Hongyan Delivered Impressive Performances in 2019 2020-01-06
- FIAT to Co-develop Light Duty Truck With PSA 2013-07-10
- Fiat releases 2012 Strada pickups 2012-01-31
- Iveco opens new “eco-sustainable” dealership in Brazil, as network doubles in four years 2011-12-09
- Fiat CEO could talk auto spin-off April 21 2010-03-04
- Fiat swings to fourth-quarter net loss, forecasts 2010 profit 2010-01-26
- Great Wall Motor to Sue Fiat Over Commercial Secrets Spies 2009-10-16
- SAIC, Fiat to Cooperate in Commercial Vehicles 2009-07-29
- SAIC-Fiat Powertrain Hongyan starts making diesel engine 2009-07-27
- Fiat Posts 2Q Net Loss, Confirms 2009 Targets 2009-07-23
Submit Your Requirements, We Are Always At Your Service.
- BYD Stopped the Production of Fuel Vehicles
- Geely Began Test Runs of Green E-methanol Vehicles in Danmark
- 2022 SANY Global Dealer Summit Was Held Successfully Online
- BYD and Shell Partner on EV Charging across China and Europe
- Daimler Truck Significantly Increase Sales, Revenue and Net Profit in 2021
- Scania Year-end Report January-December 2021
- Hyundai Motor and Iveco Group Sign MOU to Explore Future Collaboration
- GAUSSIN Enters China, the Largest Truck Market in the World
- Over 1,200 Hydrogen-powered Vehicles Deployed for the Beijing Winter Olympics
- Chinese New Year Holiday Closure Notice
- China's Truck Exports Grew by 30% YOY to 63490 Units in January-February
- China's New Energy Heavy Trucks Grew Despite an Overall Slump
- Heavy-duty Truck sales in China Fell by 54% to 54,000 units in February
- SINOTRUK Achieves Sales of 27,725 Vehicles in January, 2022
- China’s Domestic Tractor Sales Exceed 40,000 Units in January
- 2021 JAC International Pickup Export Performance
- JAC Achieved a Great Result in 2021
- China's Truck Export in 2021 Reached a 10-year Peak
- Heavy-duty Truck Sales in China Fall 57 Percent on Year in January
- China Recorded Sales of 645000 Tractors in 2021