That was fast: Chrysler and Fiat agree on partnership framework of a global alliance

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Filed under: Euro, Chrysler, LLC., FIAT

Not long after the President concluded his televised press conference today, Chrysler released a statement saying that it and Fiat have already reached an "agreement on a framework of a global alliance".

The President announced that the U.S. government would supply Chrysler with sufficient capital (up to $6 billion) to operate for 30 days while it pursues a partnership with Fiat, but apparently Chrysler was farther along in its talks with Fiat than the President and his Auto Task Force realized. While terms of the arrangement have not been revealed, we do know that Fiat will provide Chrysler with product, platforms and technologies, as well as potentially use existing Chrysler manufacturing facilities to build its own vehicles in the U.S. In exchange, Fiat will get a stake in Chrysler that the administration has demanded will not become a controlling stake until the automaker has paid back all of the federal loans it received.

Follow the jump for Chrysler's official statement and stay tuned as more details about the Chrysler/Fiat hook up are revealed.

UPDATE: Chrysler has released a corrected statement that says it's only agreed with Fiat on a "framework of a global alliance," but that no deal with the Italian automaker to partner up has been made yet. So they've basically agreed on what a Chrysler-Fiat mashup would look like, but not on whether they're going to do it.

[Source: Chrysler]

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That was fast: Chrysler and Fiat agree on partnership framework of a global alliance originally appeared on Autoblog on Mon, 30 Mar 2009 13:48:00 EST. Please see our terms for use of feeds.

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