Fiat's Expertise in Small Cars Initially Intrigued DCX
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| DaimlerChrysler CEO Juergen Schrempp speaks to reporters at his company's annual press conference. (Photo: DaimlerChrysler) |
On Thursday, February 20 DaimlerChrysler stated it would not be interested in a partnership with the struggling European industrial giant Fiat.
"We have no interest in Fiat," stated DaimlerChrysler CEO Juergen Schrempp at the company's annual press conference in Sindelfingen, Germany. "But that is nothing to do with Fiat, we have everything we need," he continued.
DaimlerChrysler was involved in talks with the Italian automaker regarding a possible partnership several years ago, but they never reached an agreement. Fiat, whose expertise in small cars initially intrigued DCX, put together a deal with General Motors instead.
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| Schrempp sincerely wishes the best for rival Fiat in its restructuring plans. (Photo: DaimlerChrysler) |
Over the last year Fiat Auto has weathered a prolonged period of slow sales and has recently cut jobs as part of its new restructuring plan.
"All I can say on an emotional note is that in the best interests of competition and of history, I wish Fiat all the best," said Schrempp.
Next year a put option matures that may force GM to purchase the remaining 80% of Fiat that it doesn't already own.