Staff Writer - CheersandGears.com
September 23, 2013
Reuters is reporting that Fiat will be buying General Motor's share of Italian engine manufacturer VM Motori. VM Motori currently supplies engines for the Jeep Grand Cherokee and Ram 1500 EcoDiesel.
"GM's notification to exercise its put option to sell to Fiat its 50 percent interest in VM Motori SpA is in line with the contracts Fiat entered into when it acquired a 50 percent stake in VM in 2010," said Fiat in a statement.
Fiat expects to have full control of VM Motori by the end of this year. No word on what the future holds for GM products with engines from VM Motori.