Fiat passenger car project worth 5billion

Total investments of Fiat’s passenger car project is 5 billion.Passenger car project of Guangzhou Auto Fiat gets approval of the Development and Reform Commission

According to SOHU, in November 2009, the National Development and Reform Commission approved Guangzhou Automobile Group Co., Ltd. to reorganized Changfeng Automotive AG and build a joint-venture passenger car project of Guangzhou Automobile Fiat. Besides, Changfeng is allowed to produce their self-owned brand in their plants in Changsha, Hunan province, with a construction scale of 50000 each year. Guangzhou Automobile Co., Ltd. and Italian Fiat Group will jointly build a passenger car project in Changsha Economic and Technological Development District, including project products such as Fiat sedan cars, sport vehicles of Guangzhou Automobile Group and Fiat 1.4L turbo-charged engine. The planning capacity will be an annual output of 140,000 vehicles and 220,000 engines.

　　The total investments of passenger car project reaches to 5 billion Yuan

On the morning of November 26th, after receiving the approval of the State Development and Reform Commission, Fiat passenger car project held a grand ceremony in Changsha Economic and Technological Development District in Hunan Province. Provincial Secretary Zhang Chunxian, Governor Zhou Qiang, the Italian Ambassador Xie Sa, deputy secretary Mei Kebao, member of Provincial Standing Committee and city clerk of Changsha Chen Runer, deputy director of the provincial People’s Congress Qi Heping, provincial vice governor Chen Zhaoxiong, Vice Chairman of Provincial CPPCC Yang Baohua and the officials from the Development and Reform Commission, Department of Industry and Information Technology, the Ministry of Commerce and Administration for Industry and Commerce as well as relevant officials of Guangzhou Province and related staff of Guangzhou Automobile Group and Fiat Group, generally a total number of more than 800 people attended the ceremony.

Witnessed by President Hu Jintao and Italian Prime Minister Silvio Berlusconi, passenger car project of Fiat Guangzhou Auto formally signed a comprehensive cooperation agreement in Rome in July 6th this year, announcing to found a passenger car production base in Changsha, Hunan with a investment ratio of 50% to 50%.

The production base of Guangzhou Auto Fiat has an area of 700,000 square meters, and the approved total investment about 50 billion Yuan. On the beginning stage, the production capacity is to be 140,000 cars and 220,000 engines each year. Finally, it will eventually develop to an automotive production base holding a leading position in the whole world which has a capability to comprehensively manage businesses such as passenger cars and engines, which will be Fire 1.4-liter turbocharged gasoline engines under Fiat power technology.(Translator: Yalong/ Jessie)

　　See original Chinese report Please click