Marchionne encouraged after task force meeting

Sergio Marchionne. CEO of Fiat SpA. met with President Obama’s auto industry task force today. His job was to sell the task force members on the proposed alliance with Chrysler.

During the meeting, Marchionne explained the role each company would play and the reasons the alliance would help ensure Chrysler’s long-term viability.

Marchionne also assured the task force that none of the additional money Chrysler is requesting would go to Fiat. Chrysler has already received $4 billion in government loans and is currently asking for another $5 billion.

After the meeting, Marchionne told reporters he was encouraged by the task force’s engagement with the issues facing the automotive industry and described the members as “intelligently critical” of the proposed alliance saying: “They recognize the magnitude of the problem, and there is an absolute determination to finding a solution.”

 Like on Facebook