Fiat Chrysler Automobiles is in talks with South Korea’s Hyundai about a technical partnership, but there are no merger talks between the two, FCA Chief Executive Sergio Marchionne said on Saturday. FCA is often the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with larger U.S. rival GM. Its share price jumped to record highs in August after reports of interest from China and Hyundai.
“We already buy components from (Hyundai) …. let’s see if we can agree on other points, especially for the development of transmissions and hydrogen,” Marchionne told journalists, adding there was “nothing to announce for the moment”.
Asked whether this collaboration could turn into a merger, Marchionne said: “I don’t believe so”. (Reporting by Agnieszka Flak; editing by Alexander Smith)