Source: Xinhuanet

04-23-2007 11:35

Italy's biggest car maker FIAT Group and China's Chery Auto have denied that Chery will buy all of Fiat's shares in its Chinese joint venture.

Chery is reported to have acquired 50 percent of shares owned by Fiat in its flagship joint venture, Nanjing Fiat Auto.

Fiat has been losing money in China since it set up here eight years ago. Its slow pace in introducing new models has been blamed for the poor performance.

 

Editor:Li Yang