Nanjing Fiat CEO steps down; successor comes from NAC

Nanjing Fiat CEO Andrew J. Humberstone has submitted his resignation to Nanjing Fiat Group Board of Director, sources from Nanjing Fiat said today.

Since Humberstone assumed CEO of Nanjing Fiat ten months ago, the company sales records have been on the decline and that might be related to his resignation, a middle level official said.

"His leaving will not impact the cooperation between the two parties," the Nanjing Fiat official said.

According to statistic released by CAAM (China Association of Automobile Manufacturers), Nanjing Fiat sold 11,265 units in the first half of this year, a one-third decline in comparison with corresponding period last year. The company's original target is to sell 50,000 units in the first half of this year.

Fiat Corp and NAC (Nanjing Automobile Company) held several rounds of negotiations over recent month to discuss further cooperation.

Fiat Group hopes its sales will hit 2,400,000 units by 2010, of which sales in China is expected to reach 263,000 units.

Grande Punto, Bravo and Linea will be introduced to the Chinese market by the end of 2007 and realize localization by the end of 2008.