Fiat and Mazda said today they have agreed to form an alliance to codevelop a
roadster, or two-seat sports car, to be built at Mazda's plant in Hiroshima,
Japan, starting in 2015.
The memorandum of understanding calls for the development and production
of a new roadster for the Mazda and Alfa Romeo models based on Mazda's
next-generation MX-5. The two automakers also said they have agreed to discuss
additional opportunities for cooperation in Europe.
Fiat and Chrysler CEO Sergio Marchionne is working to expand Fiat and
Chrysler into a top global automaker with annual sales of 6 million cars and
trucks by 2015. He has selected Jeep and Alfa Romeo as the company's two
global brands to help achieve that goal.
"This agreement clearly demonstrates our commitment to Alfa Romeo and the
determination to grow it into a truly global brand," Marchionne said in a
statement today. "By partnering with Mazda, we will be cooperating with the
recognized leader in compact rear-drive vehicle architectures in order to
deliver an exciting and stylish roadster in the Alfa Romeo tradition."
The Final Agreement is expected to be signed in the second half of 2012.
Hiroshima-based Mazda has been struggling, racking up four straight years
of red ink, after its ties with U.S. automaker Ford weakened.
"Establishing technology and product development alliances is one of
Mazda's corporate objectives and this announcement with Fiat is an important
first step in that direction," Takashi Yamanouchi, Mazda's chairman, president
and CEO, said in a statement. "It is especially exciting to be collaborating
with such a prestigious marque as Alfa Romeo on a new roadster based on the
next-generation MX-5, which is such an iconic vehicle for Mazda."
Speculation has been rife that Mazda would need to find a partner. For
the fiscal year ended March, Mazda's losses ballooned from 60 billion yen to
107 billion yen ($1.3 billion) as vehicle sales declined across all regions
except for North America.
The Associated Press contributed to this story.
