Fiat says U.S. loans will stay in U.S.
Posted on: Tuesday, 3 March 2009, 21:55 CST
Fiat Chief Executive Officer Sergio Marchionne says U.S. government loans made to Chrysler LLC would stay with Chrysler.
We have no intention of going to America to take their taxpayers' money to help Fiat in Italy,
Marchionne said at the Geneva International Auto Show in Switzerland, ANSA reported Tuesday.
Chrysler, struggling with a prolonged slump in auto sales, has accepted billions in government loans and has asked for an additional $5 billion.
As part of Chrysler's plan to achieve financial stability, the company has proposed working with Fiat in a joint venture to build Fiat cars in Chrysler plants in the United States.
Marchionne said he would travel to the United States this week to understand at what point the situation is.
Italy has not given Fiat any loans, but has provided incentives for Italians to trade in older cars, the report said.
Marchionne said encouraging trade-ins was a structurally necessary measure to renew the national fleet of vehicles.
Source: United Press International
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