Fiat plans 16b yuan refueling in China

Italian industrial giant Fiat Group plans to spend more than 16 billion yuan in China in the years to 2010 to help it achieve a fivefold rise in annual sales revenue in the country.

The money will be put in sectors such as passenger cars, trucks, engines and spare parts, auto financing and tractors, said Douglas Schenk, CEO of Fiat (China) Business Co Ltd.

Schenk said the group expects to grow its China sales from more than $1 billion last year to $5.5 billion in 2010, including $3 billion for passenger cars, $1.5 billion for trucks, $600 million for engines and spare parts and $400 million for other businesses.