Magazine: VW looking at buying Fiat Chrysler

Magazine: VW looking at buying Fiat Chrysler

July 17th, 2014 by Staff Report in Local - Breaking News

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Photo by Associated Press/Times Free Press.

POLL: Should VW buy Fiat Chrysler?

Volkswagen has held talks with owners of Fiat Chrysler Automobiles about buying the Italian carmaker, German monthly magazine Manager Magazin reported on its website today, citing unnamed sources.

By purchasing Fiat Chrysler, VW is hoping to use Chrysler's U.S. distribution network to help solve some of its lagging sales problems along with the brand's strong sport utility vehicle and truck lineup in America, the magazine said.

Fiat's owners want to shift their focus to the Ferrari brand and quit its traditional automotive business, the publication said.

Manager Magazin said VW and Fiat's owners were still far from reaching an agreement on a possible price for the Italian carmaker.

Earlier this week, VW announced a $600 million investment and plans to hire 2,000 workers in its Chattanooga production plant to assemble a new midsize SUV.

Fiat has denied the report.