MILAN, Italy (Bloomberg) -- Fiat S.p.A. “doesn't need” more partners beyond its alliance with Chrysler Group, Chairman John Elkann said.
Elkann, who was appointed chairman of Fiat last week, said the company is focused on turning around the U.S. carmaker. “Fiat doesn't need other partners,” Elkann told reporters at the annual meeting on Thursday of Exor S.p.A., the Agnelli family company that owns the largest stake in Fiat.
“We have a strong relationship with Chrysler and that is what we are actively working on,” said Elkann, 34, the grandson of former Fiat Chairman Giovanni Agnelli.
Fiat has management control of Chrysler, with CEO Sergio Marchionne holding the same position at Chrysler. Fiat said April 21 it will separate its agricultural and truckmaking units into a new entity called Fiat Industrial and aims to double sales at the auto division by 2014.
Elkann said Exor intends to remain the largest shareholder in both the auto and industrial units, though it would consider diluting its stakes if “growth” opportunities arose.
Said Elkann: “We would rather be smaller shareholders in a bigger Fiat than block Fiat from becoming bigger.”