TURIN, Italy/LONDON - Fiat Chrysler has been angling for a combination with another automaker for years, and its latest attempt - for a global tie-up with France’s Renault - could address some of the main weaknesses of both companies, sources say.
The luxury SUV is the only model built at Mirafiori, and it was intended to power the plant’s rebirth, bringing back thousands of assembly line workers who had been on temporary layoffs for years. Fiat Chrysler has highly profitable businesses in North America, with its RAM trucks and Jeep brand, but has been losing money in Europe where it may also struggle to keep pace with looming carbon dioxide emissions curbs.
The company has previously been approached by at least one European suitor, France’s PSA Group, it came to light earlier this year, but the talks came to nothing, according to two banking sources.A combination with a European rival and eliminating duplicate products and plants could generate - in the case of PSA - annual savings of between 3 billion and 6.6 billion euros , UBS analysts estimate.
Instead Fiat Chrysler, which has 58,000 workers in Italy, is using state-subsidized furloughs and solidarity contracts to cut costs and avoid the high political and social price to the company’s controlling Agnelli family of shutting a factory. But he does not want to shut down Italian plants and has been reluctant to embark on a collision course with Rome, according to three people familiar with his thinking.
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