Fiat to breathe new life into China venture
Afp, Beijing
Italy's Fiat and China's Nanjing Auto plan to breathe new life into a troubled joint venture, Nanjing Fiat, with an extra three billion yuan (390 million dollars) investment, state media said Sunday. The pledge to devote more funds came about as a result of talks between the two companies facilitated by local officials in east China's Jiangsu province, where Nanjing Auto is located, the Xinhua news agency said. It followed reports suggesting that Fiat was unhappy with the level of commitment shown by Nanjing Auto, which was busy with other projects as well.
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