Nanjing Fiat group denied 50% equity sold

On April 18, 2007 Fiat Group (China) PR Department denied the market rumor about joint venture companies in China.

All along, Fiat has committed to the China market: Fiat will introduce several new models at the Shanghai International Auto Show. These new models represent the latest Fiat achievements in technological innovation. Fiat announced its ambitious goals in China as early as in September 2006, that introducing new models is the first step towards this goal. Fiat is discussing how to achieve their strategic objectives in the Chinese market and to ensure the continued support of consumers and dealers.

So far, Fiat is not to negotiate with any third party to sell 50% of its shares owned by the Nanjing Fiat. Conversely, to achieve the goal of production in China, Fiat is committed to substantial investment to ensure the successful implementation of its strategy in China.