Fiat CEO Sergio Marchionne said he expects Chrysler’s acquisitions to be finalized in 2014.
“We will resolve it in 2014, ” said Sergio Marchionne at a forum in Turin.
In July Fiat offered VEBA, the United Auto Workers union retiree trust that owns 41.5% of Chrysler, $139.7 million to buy a 3.3% stake and $198 million for another 3.3% stake. VEBA disagree on the value of the stake and requested $343 million for the first stake. The two companies decided to take the issue to the court.
Currently, Fiat and Chrysler develop new models for several brands, share platforms, parts and plants, in order to become a more efficient automaker. Chrysler also helps Fiat sell its vehicles in the US and so reduce the exposure to the loss-making European market, where the Italian automaker has lost $950 billion in 2012.
Marchionne’s turnaround plan for Fiat consists of reviving the underused plants in Italy and export the Maserati and Alfa Romeo vehicles produced here to the States, where demand continues to increase. Fiat also relies on its Panda hatchback, which is being sold in Europe.
“We’ll probably do another Panda—a Panda X—one that would be a little longer,” said Marchionne.