By Kelsey Mays on September 28, 2012
Europe's financial doldrums could mean more Italian cars in the U.S. — but not necessarily Ferraris and Lamborghinis. With a debt crisis a few years old, the European Automobile Manufacturer's Association predicts 2012 will mark a 17-year low for new-car sales across the pond. The sales slump has automakers wondering how to sell the excess cars they build, particularly amid fierce resistance to plant closings from politicians and labor unions.
One solution? Send 'em here. That's what Fiat plans to do. Reuters reports the Italian automaker, which owns 61.8% of Chrysler, confirmed plans to send more cars from Italy to the rest of the world, particularly the U.S. Today's Fiat 500 hatchback — the only Fiat-brand car sold here — hails from a plant in Toluca, Mexico. Fiat didn't confirm which cars would show up, but analysts expect them to be Italian-built Jeep and Chrysler products.The plans represent a full-circle turn of events. Fiat purchased a stake in a then-bankrupt Chrysler in 2009, and now the Detroit automaker represents Fiat's largest income source. In a crisis-ridden Europe, Reuters says Fiat expects to lose 700 million euros ($907.3 million) this year.
Senior Consumer Affairs Editor Kelsey Mays likes quality, reliability, safety and practicality. But he also likes a fair price. Email Kelsey