Chinese exec to head Fiat joint venture in
By Joanne Jiu From:
Nanjing Fiat, the joint venture between
Italian automaker Fiat and Nanjing Automobile Corp (NAC) is
again managed by a Chinese executive after two years of
unsatisfactory performance under stewardship of an Italian
On 17th August, the company announced
Yu Jiufeng to replace Andrew Humberstone as the chief executive
and general manager of Nanjing Fiat, with Humberstone still
serving as vice chairman of the board. Nanjing Fiat's daily
operation will be managed by Yu Jiufeng, who was once in charge
of Nanjing Fiat's purchasing and manufacturing.
Mr. Yu showed his management talents at
Nanjing Yuejin Automotive Brake System Co., Ltd, where he
assumed the leadership of the company since 2005.
Nanjing Fiat was established in 1999.
Later, Fiat took on the controlling role after the joint venture
failed to meet its market goal. However the Italian automaker
failed to revive the business, which resulted in the new
Along with the executive change,
Nanjing Fiat's sales continued a freefall over the past months.
Nanjing Fiat's first half-year sales were 17,000 units last
year. Howver, the company’s the half-year sales this year was
11,000 units while sales of this July dropped to only 622 units,
which has damaged the company’s image.
Both sides felt upset about the current
situation, but efforts made by both sides seem to have no effect
On August 7, Fiat signed a preliminary
agreement to create a joint auto producing deal with Chery
Automobile, while NAC continued partnership talks with Shanghai
Automotive Industry Corp. (SAIC).