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Fiat buys remaining stake in Chrysler (2014)

By Damion Smy Motor Industry 03 January 2014 13:30 Fiat has purchased the remaining stake in Chrysler to become the sole owner of the US car firm. In a deal worth £2.2billion, the Italian company bought the remaining 41.46% of Chrysler from the VEBA Trust (Voluntary Employee Beneficiary Association) made up of current and former Chrysler employees. Fiat Chief Executive Sergio Marchionne says: ‘In the life of every major organisation and its people, there are defining moments that go down in the history books.

China to boost electric cars with 30% Government EV fleet

The BYD E6 EV (pictured) will benefit from China’s push on EVs The UK government has just announced its commitment to use electric cars for its own vehicles in an effort to boost the take-up of EVs, but China is going even further. China has ordered government officials to start buying electric cars (that means BEVs, plug-in hybrids and hydrogen fuel cell cars) in a big way, with instructions that 30 per cent of government cars must fall in to the ‘New Energy’ category by 2017, and an even higher percentage going forward. The aim is to cut pollution, and China expects to have 5 million New Energy cars on the road by 2020 and it is urging it government agencies and some city governments to start buying New Energy vehicles from Chinese makers like BYD and SDAIC, but also instructing them to build more charging stations and supporting infrastructure.

News watch August 2010: today's industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.