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Fiat CEO to meet fed auto team in Washington
Fiat CEO to meet fed auto team in WashingtonChristine Tierney / The Detroit NewsFiat SpA Chief Executive Sergio Marchionne will meet members of the U.S Treasury Department's auto team on Thursday morning to discuss what the Italian automaker would contribute to Chrysler LLC if the two companies sealed their propose dalliance. A spokesman for Fiat said the auto team headed by restructuring expert Steven Rattner had asked Marchionne to come to Washington. He expects to answer questions from team members including former labor adviser Ron Bloom and discuss the proposed alliance of the two car companies.' He has been asked to explain the contribution of Fiat to Chrysler in terms of technology and so on,' said company spokesman Gualberto Ranieri. The auto team is advising the White House on the restructuring of the U.S. auto industry. The U.S. government has loaned Chrysler $4 billion already, and the automaker is seeking $5 billion more. Washington also has provided General Motors Corp. with $13.4 billion and has asked both companies to submit reports by March 31 demonstrating progress they have achieved in their efforts to become viable manufacturers.Fiat, Europe's most fuel-efficient major automaker, has proposed to share small-car platforms and other technology with Chrysler in exchange for a 35 percent stake in the ailing Auburn Hills automaker, which is 80.1 percent owned by Cerberus Capital Management. Cerberus has previously held talks with GM and the Renault-Nissan alliance about a possible deal with Chrysler, the smallest U.S. automaker.