Thursday, April 23, 2009

Fiat Group's CEO, Sergio Marchionne, says the Italian automaker has an "unwavering commitment" to its proposed alliance with Chrysler but reiterates Fiat won't put in cash.

He told an analyst conference call that Fiat would not put in cash for a minority stake, but would only commit cash further down the road "at the relevant time as the need arises."

Fiat is offering technology in return for 20 percent of Chrysler ahead of an April 30 deadline set by the U.S. government.

Asked about reports Fiat is set to buy General Motors holdings in Europe, the Fiat chief said he had nothing to announce. He added that Fiat has had no direct conversations with GM that he is aware of.