Sep 17th, 2009 by Ross Edwards
Fiat recently agreed to take over control of Chrysler in order to rescue the company from liquidation and provide an outlet for Fiat’s cars in America. Now it turns out that Fiat didn’t even bother to do a few Google searches before agreeing to the deal. Fiat’s CEO told reporters that the situation at Chrysler is much worse than expected.
“We were surprised by how little had been done in the past 24 months,” Sergio Marchionne said at the Frankfurt Motor Show Wednesday, according to CNN Money.
The fact that Chrysler has been in a holding pattern for two years shouldn’t be a surprise to anyone, especially the CEO of a company that just took a 20% stake in the carmaker. Did Fiat think that a free car company was going to be trouble free?
Todd Turner, an industry analyst at Car Concepts Automotive Research, says that Marchionne is most likely trying to subtly undermine the already crumbled public opinion of Chrysler so an announcement can be made that all of Chrysler’s current offerings will be replaced by Fiat models after their current lifecycles. Marchionne said that a revised business plan for Chrysler will be announced in November.
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