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Chrysler's deal to strike a partnership with Italian automaker Fiat by granting it a 35 percent stake depends on Chrysler getting $3 billion in additional loans from the U.S. government, the Wall Street Journal reported citing people familiar with the deal.
The two carmakers announced a partnership Tuesday that would see Fiat take the stake but not pump any cash into the American company. The Italian carmaker, specialized in smaller cars, will however provide technology and vehicles that Chrysler could build and sell in the U.S.
However, the deal only becomes binding if Chrysler gets $3 billion more in financial help from Washington, the Wall Street Journal wrote.
(Discussing a Chrysler-Fiat alliance. Watch the accompanying video for more...)
To meet the Treasury's terms for loans, and to qualify for an additional $3 billion in aid, Chrysler needs to devise a plan by February 17 that shows how it intends to return to profitability.
All Chrysler's plants have been shut temporarily since before Christmas, and dealers have been scaling back orders as sales declined steeply over the past months.
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