Fiat sues Chinese partner

Iveco, the truck division of Italy's Fiat, is suing one of its Chinese joint venture partners and its chairman, Changzhou Changjiang Bus Group (CBC) and Sun Yuanlin, for misappropriating US$15.1 million, warning that the future of the bus manufacturing project has been jeopardized, the Financial Times reported. Iveco is suing in a Chinese court and demanding the money back, including interest. Analysts have suggested the collapse of the joint venture could lead to deeper co-operation with Shanghai Automotive Industry Corp, with which Iveco signed various partnerships last year.