Fiat Plans to Take Full Control of VM Motori
Fiat plans to purchase the remaining half of VM Motori, an Italian engine manufacturer whose ownership is currently split in half between General Motors and Fiat.
That would give the Italian automaker full control of VM Motori, which manufactures diesel engines being used in various Jeep and Ram models. VM Motori was initially a 50-50 joint venture between Fiat and GM to develop diesel powerplants for the automakers.
SEE ALSO: GM Ready to Jump in if Diesel Half-Tons Take Off
The buyout is contingent on regulatory approvals but will happen before the year’s end if it’s approved. And despite the buyout, GM will still have access to VM Motori’s 3.0-liter diesel which the American automaker is considering using in the new 2014 Chevrolet Silverado pickups, depending on the success of half-ton diesels.
“GM’s notification to exercise its put option to sell to Fiat its 50 percent interest in VM Motori is in line with the contracts Fiat entered into when it acquired a 50 percent stake in VM in 2010,” Fiat said in a statement.
[Source: Automotive News]
Discuss this story at FiatForums.com
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
More by Jason Siu
Comments
Join the conversation