For automobile enthusiasts - even many non-enthusiast industry-watchers - the automotive landscape is shifting at such a dizzying pace it's difficult to keep abreast of the latest developments. Over the past few weeks, major announcements have included Italian automaker Fiat's takeover of Chrysler LLC, General Motors' bankruptcy and sale or discontinuation of key brands and assets, and Canadian auto parts manufacturing mogul Frank Stronach's realization of his longtime quest to become a car manufac
turer by taking control of GM's erstwhile European subsidiary Adam Opel AG of Germany. Chrysler emerged from Chapter 11 much leaner, more efficient and debt-free. Fiat SpA will receive up to a 35-per-cent ownership stake in exchange for sharing its small car technology, while the United Auto Workers union gets a 55-per-cent share and the U.S. and Canadian governments a combined 10-per-cent stake. Fiat's Italian-Canadian CEO Sergio Marchionne has been named CEO of the new Chrysler, which is reopening its factories that had been idled during the bankruptcy process. The Fiat/Chrysler marriage should be beneficial to both companies, whose product lines are complimentary with little overlap. Fiat brings the well-engineered and proven-popular small, fuel-efficient designs Chrysler will urgently need as North America emerges from recession and gasoline prices climb, and gets access to Chrysler's established manufacturing, distribution and dealership infrastructure, as well as especially the iconic JEEP brand to market outside the U.S. As a longtime fan of Fiat, which owns Ferrari, Maserati, Alfa Romeo, and Lancia, as well as its core Fiat brand, I couldn't be happier at this outcome. Fiat makes superb and interesting automobiles that will nicely compliment Chrysler's strength in minivans, trucks, and large performance sedans and coupes, and the new (redux for the third time in 30 years) Chrysler should be well-poised to thrive, better than ever. Former auto racer and race team (IndyCar, NASCAR and Grand-Am) owner Roger Penske has announced that his Penske Automotive Group, America's second-largest dealership chain, will buy GM's Saturn brand, including 350 Saturn dealerships, with Saturn vehicles continuing to be manufactured on a contract basis in GM plants.
turer by taking control of GM's erstwhile European subsidiary Adam Opel AG of Germany. Chrysler emerged from Chapter 11 much leaner, more efficient and debt-free. Fiat SpA will receive up to a 35-per-cent ownership stake in exchange for sharing its small car technology, while the United Auto Workers union gets a 55-per-cent share and the U.S. and Canadian governments a combined 10-per-cent stake. Fiat's Italian-Canadian CEO Sergio Marchionne has been named CEO of the new Chrysler, which is reopening its factories that had been idled during the bankruptcy process. The Fiat/Chrysler marriage should be beneficial to both companies, whose product lines are complimentary with little overlap. Fiat brings the well-engineered and proven-popular small, fuel-efficient designs Chrysler will urgently need as North America emerges from recession and gasoline prices climb, and gets access to Chrysler's established manufacturing, distribution and dealership infrastructure, as well as especially the iconic JEEP brand to market outside the U.S. As a longtime fan of Fiat, which owns Ferrari, Maserati, Alfa Romeo, and Lancia, as well as its core Fiat brand, I couldn't be happier at this outcome. Fiat makes superb and interesting automobiles that will nicely compliment Chrysler's strength in minivans, trucks, and large performance sedans and coupes, and the new (redux for the third time in 30 years) Chrysler should be well-poised to thrive, better than ever. Former auto racer and race team (IndyCar, NASCAR and Grand-Am) owner Roger Penske has announced that his Penske Automotive Group, America's second-largest dealership chain, will buy GM's Saturn brand, including 350 Saturn dealerships, with Saturn vehicles continuing to be manufactured on a contract basis in GM plants.For further details visit as : http://telegraphjournal.canadaeast.com/opinion/article/710930
