The Palio, Fiat's so-called 'world car', has gone on sale in China with its maker expecting the market to grow from 700,000 to 1.2 million units a year in the next three to four years. The Palio will be produced by a new company, Nanjing Fiat, a 50/50 joint venture between Fiat and the Yuejin Motor Group. The two companies have previously formed joint ventures to market Iveco commercial vehicles and Teksid automotive parts.