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Hours after President Barak Obama gave Chrysler a deadline of 30 days in which to solidify a partnership with Fiat, a deal has indeed been made.

"We are pleased that Chrysler, Fiat and Cerberus have reached agreement on a framework of a global alliance, supported by the U.S. Treasury," said Chrysler Chairman and CEO Bob Nardelli in a press release issued by Chrysler. "Chrysler has consistently said that the alliance with Fiat enhances its business model that expands its global competitiveness. We appreciate the willingness of the Task Force, along with industry and financial experts, to consult closely with us in order to achieve this significant step."

The new partnership will see Fiat provide Chrysler with technology, products and several vehicle platforms for global distribution.

"Fiat strengthens Chrysler's ability to create and preserve U.S. jobs; gives U.S. consumers more choices for environmentally advanced vehicles; gives its dealers more of the products they need to be successful; helps stabilize the supplier base; and allows Chrysler to pay back government loans sooner," continued Nardelli.

"I want to personally assure all of our customers, dealers, suppliers and employees that Chrysler will operate 'business as usual' over the next 30 days. While we recognize that we still have substantial hurdles to resolve, Chrysler is committed to working closely with Fiat, the Administration, U.S. Treasury and the Task Force to secure the support of necessary stakeholders."

The final details of the Chrysler and Fiat partnership (whether it be a merger or ownership) must still be worked out over the next 30 days, after which Chrysler is still seeking $6 billion to get the new Chrysler on its feet.

More: Chrysler Solidifies Deal With Fiat…That Was Quick on AutoGuide.com
 

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Fiat merger

I seem to remember that Obama was going to put restrictions and taxes on American companies that have overseas factories and thus employing non American workers. The whole idea was to keep jobs and money here in the USA, but now he forces Chrysler to merge with an
overseas company. There seems to be somthing wrong here.
 

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What really stinks is that Fiat's cars are [email protected] So, I don't see how this is going to help Chrysler. Chrysler's new motto: Fix it again, Tony.
 

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I'll hold judgment on this till I hear what the American worker/consumer will gain... or lose.
 

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I seem to remember that Obama was going to put restrictions and taxes on American companies that have overseas factories and thus employing non American workers. The whole idea was to keep jobs and money here in the USA, but now he forces Chrysler to merge with an
overseas company. There seems to be somthing wrong here.
The smaller cars will be built in the US. They will be built off of a Fiat platform. Fiat will take a 35% stake in Dodge. Obama didn't force them to merge with an Italian company remember Chrysler is owned by Cerberus the private equity firm they are trying to get out of their investment. The Fiat family includes Ferrari, Masserati, and Alfa Romero so I don't understand how Fiat's cars are crap.
 
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