Fiat has no plans to buy stake in Mazda – chairman image

According to Fiat Chairman John Elkann, the Italian automaker has no plans in buying a stake in Mazda Motor after sealing a partnership with its Japanese rival.

“We have no plan to buy a stake in Mazda,” Elkann said on the sidelines of the annual shareholder meeting of Exor , the Agnelli family’s investment company.

Fiat and Chrysler CEO Sergio Marchionne is working to expand Fiat and Chrysler into a top global automaker with annual sales of 6 million cars and trucks by 2015. He has selected Jeep and Alfa Romeo as the company’s two global brands to help achieve that goal.

Fiat, Mazda To Build Roadster Together
The memorandum of understanding calls for the development and production of a new roadster for the Mazda and Alfa Romeo models based on Mazda’s next-generation Miata, also known as the MX-5.

Mazda will take the lead in developing an architecture, or platform, that will be used as the basis for each company’s car, said Mazda spokesman Jeremy Barnes. Each company will use its own engines and transmissions.

For Fiat, the deal with Mazda it is latest move to bolster its presence in Asia–Mazda is the Italian group’s third partner in the region—while giving it a new model to expand the line-up of its Alfa Romeo sports car brand which it plans to relaunch in the U.S. next year.

Industry experts said that the Final Agreement is expected be signed in the second-half of 2012. Fiat and Mazda have also agreed to discuss further opportunities for cooperation in Europe and other emerging markets.

Though both CEOs of the companies have said that this car will become a global brand but still it is not confirmed that whether it will be marketed in the United States of America or not. Expectations of the savvy consumers are at their peak. We will have to wait till the right time comes.