Fiat chairman says not seeking Asian partner

Gasgoo From Reuters

Fiat has no need to find an Asian partner to match recent tie-ups by European competitors with Japanese car makers, its chairman Luca di Montezemolo told Reuters on Monday in an interview.

"The others are doing what we have (already) done," Montezemolo said, adding that after Fiat's deal to take a 20 percent stake in Chrysler "this is a time when we have to be careful not to get indigestion" by trying to swallow too much.

Asian car makers have secured several deals recently with other producers.

Last week, Volkswagen agreed to buy a 19.9 percent stake in Japan's Suzuki Motor for $2.5 billion, followed by Monday's announcement that Beijing Automotive Industry Holding Co (BAIC) has bought some Saab assets.

Fiat is building a plant in China with Guangzhou Automobile, China's sixth-largest auto producer and has a joint venture with India's Tata Motors.

Montezemolo said Fiat's deal with Chrysler "is also aimed at Eastern markets," adding "we will go into China with the Jeep."

Fiat Chief Executive Sergio Marchionne presented plans for a turnaround of Chrysler in November, and Jeep will be one of its international brands.

Montezemolo said Fiat would present its own strategy in the spring of 2010 -- a slightly tighter timescale than Marchionne's reference to sometime in the first quarter.

He said the company's sporty Alfa Romeo marque was not for sale under any circumstances, after a recent analyst report suggested it could be bought by Volkswagen.

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