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.
- 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.
- FAW Jiefang Rolls Off Its 8 Millionth Vehicle
- A New Truck for a New Era: Mercedes-Benz eActros Celebrates Its World Premiere
- ZOOMLION Looks to Expand the EU Market with Its New Factory Inaugurated
- CIMC Teams up with Shaanxi Automobile to Make a Flagship High-end SPV
- JAC Exhibited In Kazakhstan Auto Show
- XCMG Makes Global Top Three on KHL’s Yellow Table 2021 for the First Time
- Volvo Trucks and DFDS Cooperate to Run Electric Supply Chain Transports
- Foreign Envoys Come to Shaanqi for a Visit
- Auto Shanghai 2021 to Showcase Latest Products And Technologies
- Auto Shanghai 2021 to Open Its Doors
C&C Trucks Co., Ltd.
C&C Trucks Co , Ltd (C&C Trucks), located in Sanshan Economic Development Zone, Wuhu, Anhui Province, a holding company under China International Marine Containers (Group) Co , Ltd (CIMC), is a large heavy truck enterprise integrating the research and development, production
- Geely Yuan Cheng Reports 626% Rise in H1, 2021
- Foton January to June Sales Volume 411,962 Units,YOY 28.67 %
- China Truck Export Jumped by 133% from January to May
- Foton Overseas Sales Volume Breaks 30,000 Units in H1, Up 67.7% YOY
- UP!UP!UP!JAC Group’s Export Makes a Sharp Growth of 125% YOY in H1
- China’s Sales Volume of New Energy Heavy-duty Truck Reached 378 Units in May
- SHACMAN Sold 31,400 Units Heavy-duty Self-dumping Trucks in China in May
- Jiefang’s Sales Volume Reached 298,826 Units from January to May
- GWM’s Sales Volume in Australia and New Zealand Ranks Top Ten, Hitting a New H
- China’s Sales Volume of Heavy-duty Trucks Reached 193,000 Units in April