Shanghai, March 16 (Gasgoo.com) Guangzhou Automobile Industry Group Co (GAC) has set up an overall framework with Fiat SpA on forming a 50:50 joint venture to produce and distribute Fiat small cars, Beijing Times reported Monday, citing an informed insider.
Major executives have been selected for the JV, according to the source. Jiang Ping, former deputy general manager of Guangzhou Honda Co and active deputy general manager of GAC, would take charge of the planned venture. Yan Jianming, vice marketing director at Guangzhou Honda, would possibly become new marketing director of the new company.
No executives from Fiat has been decided, said the report. Fiat China said they have nothing to announce at present.
GAC general manager Zeng Qinghong told reporters last week that a Guangzhou-Fiat joint venture is quite possible.
The Linea and Grande Punto that are now sold in China as imported Fiat models, as well as the Palio that was previously made in Nanjing Fiat, are reported to be produced in the planned venture at the early stage.
Fiat had an initial agreement with Chery Automobile Co to set up a joint venture in the world's second-largest car market, but no further progress has been made.
