Fiat Chrysler Automobiles appeared to be the belle of the automotive partnership ball recently, but one of its suitors looks to have a wandering eye.
PSA Group CEO Carlos Tavares pushed back on reports that FCA and PSA were in talks to enter into any type of agreement between the two companies. It was reported that the two companies could find ways to help each other out in Europe and perhaps other markets.
“No, we are not targeting a specific company. We are working with all of our partners,” said Tavares at a press event in the southern Indian city of Chennai, according to Reuters.
Last month, Robert Peugeot, president of Peugeot family holding company FFP, told French daily Les Echos he would support a new deal, suggesting Fiat Chrysler would be among the potential partners.
(A new partner for Fiat Chrysler? Peugeot says maybe. Click Here for the story.)
“With them, as with others, the planets could be aligned,” he was reported as saying about a potential merger. FCA officials declined to comment at the time.
Peugeot’s remarks followed reports Tavares was open to a possible partnership with another company.
“We have a lot of partnerships and of course it is very normal that we work with our partners to improve what we are doing continuously. But we are not targeting any specific car company for a very simple reason we don’t need it.”
(Click Here for details the possibility Fiat Chrysler without Fiat.)
“If there is an opportunity, we will consider but we don’t have to target any specific company and specifically not the one you mentioned,” Tavares said
Other companies said to be in the mix include General Motors and Jaguar Land Rover.
FCA is an appealing partner because of its strength in North America – where it generates the vast majority of its profit – and in particular, in trucks and sport utilities. Marchionne often talked about partnering up with another company, most recently Hyundai.
(For more about FCA’s search for a partner, Click Here.)
However, like most of the rumors tied to a potential partner for FCA, the talk didn’t generate any kind of deal. Before that, China’s Great Wall was said to be putting together an offer, and even Volkswagen was rumored to be in the mix, but again nothing. In fact, VW is now partnering with Ford Motor Co. on several projects, including commercial trucks.