Italian automaker Fiat has agreed to set up a light diesel engine plant with total investment of 1.8 billion yuan ($263 million) in southwest China, the local government said.
The project, located in Chongqing city, will have an annual capacity of 100,000 units, with 70% of the output expected to be exported, the Chongqing Development and Reform Commission said in a statement. “Fiat will seek to start building the project at an early date and hopes to make Chongqing Fiat’s largest overseas production base,” it said.
The Italian company’s truck division Iveco also has a joint venture with Shanghai-based SAIC Motor and Chongqing Heavy Vehicle Group in the city. (The Economic Times)