Fiat to Reach Deal with Russian Carmakers

Fiat is continuously looking to expand its business across Europe and the latest step in the company's evolution on the Old Continent is reaching a deal with Russian carmakers. CEO of both Chrysler and Fiat, Sergio Marchionne, said in a statement that the Italian group is already holding talks with a number of Russian entities in order to expand its product portfolio in the country.

Marchionne has not mentioned the names of the companies involved in the talks, but he hinted however that production of some models could be transferred to Russian plants if a deal is reached soon.

"We are in talks with a number of people about how to proceed in Russia. We are committed to the Russian market," Marchionne was quoted as saying by Automotive News. "We need to find the optimal way to get it done in terms of timing, in terms of cost, and I think we have until April to finalize," he said.

But Russia isn't Fiat's only target, as the company is actually aiming to benefit from Europe as a whole. Marchionne says that the Old Continent has a very strong potential and Fiat will do whatever it needs to fully benefit from the advantages it currently holds in front of the competition.

"Europe is an incredibly competitive marketplace so we need to find ways to continue to leverage the know-how that we have, that we built up inside the group as a result of the combination with Chrysler," he said in a statement while trying to emphasize the group's strategy for future years.