Abstract: August 22, 2008 -- Fiat SpA, Italian's largest automaker, said it will build a wholly owned subsidiary in Chongqing municipality, Southwest China.

August 22, 2008 -- Fiat SpA, Italian's largest automaker, said it will build a wholly owned subsidiary in Chongqing municipality, Southwest China. The Chongqing unit will be producing commercial-vehicle engines, with an annual capacity of 100,000 diesel engines, 70% of which will be exported to overseas markets. The total investment will be RMB 1.8 billion worth investment to build a factory in Chongqing. The Turin-based company has signed a memorandum of understanding (MOU) with Chongqing municipal government on Jul. 31 for the investment deal. Fiat's annual sales in China enjoyed an averaged growth of 25% in the past three years. With existing brands like Fiat, Lancia, Alpha Remeo and Maserati, the group intends to introduce more models to China and promote the production in the region.

Abstracted from China Knowledge Newswire