BUSINESS BRIEFING / AUTOS
Times Wire Reports
Fiat Group Chief Executive Sergio Marchionne signed an agreement with state-owned Guangzhou Automobile Group Co. to produce cars in a joint venture beginning in the second half of 2011 as the Italian automaker seeks to expand its position in the growing Chinese market.
The joint venture plans to produce the Linea sedan as well as two engines in China in a plant to be built in Changsha, the capital of Hunan province. The plant initially will produce 140,000 cars and 220,000 engines a year, Fiat said.
