Nanjing recieved a double blow yesterday, they were taken over by rivals SAIC, and today Fiat formally announced plans to pull out of the ailing Fiat-Nanjing joint venture which has been loosing money for several years.
Rumor has it that Fiat was unhappy with the level of commitment that it was given by Nanjing. Fiat says its restructuring its Chinese operations, and seems to be certainly doing so with Fiat signing contracts with Zotye, Chery, and possibly Changfeng over the past few months.
Fiat says its going to sell its 50% share in Nanjing Fiat back to Nanjing, although Fiats sub brand, IVECO will continue to work with NAC making the IVECO range of vans and small buses, however, the Nanjing Fiat passenger car business is formally over.
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