China's SAIC, Fiat unit eye 67 pct stake in Chongqing

Newswire

BEIJING, Dec 16 (Reuters) - Fiat's bus and truck unit Iveco signed an agreement on Friday with China's Shanghai Automotive Industry Co (SAIC) to set up a joint venture, which would take a 67 percent stake in Chongqing Heavy Vehicle Group, SAIC said on Friday. "The three companies have signed a preliminary deal to produce heavy commercial vehicles," said Zhu Xiangjun, the spokesperson for SAIC. The companies did not reveal any financial details of the agreement, which they hoped would ...

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