General Motors chief executive Rick Wagoner said on Monday that the world’s biggest automaker is supporting Italy’s struggling carmaker, Fiat, “any way we can,” but he would not comment on reports of a Fiat rescue proposal from Italian takeover specialist Roberto Colaninno, Reuters reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
According to Reuters, when speaking to reporters at the Detroit motor show, Wagoner noted that GM has joint ventures with Fiat on developing engines and on procurement.
“In that context, we’re very interested in Fiat being successful in its turnaround plan, in getting some of the pressure that they are under behind them. In that sense, we try to support it any way we can,” Wagoner said, according to Reuters.
“We have plans to continue the activity that we have with Fiat for the long term,” Wagoner said in reference to the existing cooperation with the Italian automaker, Reuters reported.
According to Reuters, Wagoner would not comment on Italian newspaper reports that Colaninno’s rescue plan for Fiat, which has not yet been formally presented, foresees General Motors increasing its stake in Fiat Auto to 40% from 20% in return for scrapping a Fiat option to sell the remainder of its car operations to GM next year.
GM already has written down the value of most of its investment in Fiat Auto, Reuters noted.
