Fiat and Mazda sign memorandum of understanding

Fiat Group Automobiles S.p.A. (Fiat) signed a non-binding Memorandum of Understanding (MoU) with Mazda Motor Corporation (Mazda) and a final agreement is expected to be signed in the second-half of 2012. The MoU provides for the development and manufacturing of a new roadster for the Mazda and Alfa Romeo models, based upon Mazda’s next-generation MX-5 rear-wheel-drive technology. Under the terms of the MoU, both Fiat and Mazda will each develop a roadster which will be distinctly styled, light weight, and will feature rear-wheel drive technology. Each variant of the Alfa Romeo and Mazda will be powered by a specific proprietary engine that is unique to each brand. Both vehicles will be manufactured in Japan, at the Hiroshima plant of Mazda. Production of Alfa Romeo is scheduled to begin in 2015. Both companies have agreed to consider other possibilities for cooperation in Europe. (May 23, 2012)